Uzbekistan, IsDB to establish $500mn fund

The Uzbek government and the Islamic Development Bank (IsDB) have agreed to establish a new $500mn Fund for Expanding Economic Opportunities to support projects aimed at reducing poverty and developing entrepreneurship. An agreement was reached on the sidelines of the 46th annual meeting of IsDB Board of Governors in Tashkent on September 2.

Addressing the event, Uzbek President Shavkat Mirziyoyev said: “It is deeply symbolic that the annual meeting of the bank is held in Tashkent. We consider this a recognition of Uzbekistan's contribution to the development of the Islamic world, as well as the consistent reforms carried out in the country over the past five years".

Uzbekistan became a member of the IsDB in 2003. The cooperation portfolio today comprises nearly 30 major investment projects totaling over $2.5bn.

Underlining the issues of overcoming the economic and social consequences of the coronavirus pandemic, Mirziyoyev expressed gratitude to the IsDB for its timely support of the country's anti-crisis measures.

An initiative has been put forward to create a trade and economic space "From West Africa to East Asia - a Green Corridor". Its implementation would contribute to the expansion of trade and investment ties, convergence, and sustainable growth of the economies of the countries.

"Today's international forum will bring our partnership within the bank to a qualitatively new level and will make a significant contribution to the general welfare of the peoples of the member states," Mirziyoyev added.