ADB Vice-President reaffirms his commitment to development of Uzbekistan

Asian Development Bank (ADB) Vice-President for Private Sector Operations and Public–Private Partnerships (PPP) Ashok Lavasa met with senior government officials and key stakeholders in the past week in Tashkent, reaffirming ADB’s support for Uzbekistan’s reform agenda and efforts to strengthen the private sector, according to the organisation’s press release.

“The Uzbek government has made remarkable progress in developing PPP in the past few years, particularly given the huge challenges presented by the COVID-19 pandemic,” said Lavasa. “ADB reaffirms its comprehensive and integrated support to Uzbekistan including through policy advice, capacity building, transaction advisory support to prepare bankable PPP projects, lending to the government, and direct financing to key private sector entities. Building an enabling environment for a strong private sector and mobilizing the private sector’s resources, expertise, and innovation are crucial for sustainable development. ADB will also emphasize diversification by focusing on private sector investment in health, education, and agribusiness.”

He also commended the government for mitigating the adverse impact of the pandemic on the economy.

Umurzakov thanked ADB for its budget support which enabled increased spending on social protection and was instrumental in Uzbekistan’s economic recovery. They also discussed their mutual intentions to incorporate private sector development into ADB-supported operations, including through PPP, local currency financing solutions, and credit enhancement products to attract foreign investors.