TASHKENT

Uzbekistan has been negotiating with the Asian Development Bank (ADB) to attract $2.8 billion funds to implement 27 economic and social projects, of which three projects worth $524 million are expected to be implemented in 2022.

The funds will be provided as part of the ADB Country Operations Business Plan for 2022-2024, Uzbekistan’s Ministry of Investments and Foreign Trade said following the talks with the ADB president Masatsugu Asakawa.

The ADB said in a separate statement that it would continue supporting private sector-led development in Uzbekistan, including renewable energy, as the country pursues a new development strategy.

“We are pleased to see Uzbekistan’s strong economic recovery from the pandemic,” said Asakawa. “As Uzbekistan’s long-term development partner, ADB will continue to help strengthen the government’s capacity to meet its goals, increase the country’s renewable energy sources, and assist in its overall development efforts.”

Uzbekistan’s new national development strategy for 2022–2026 prioritises improving people’s livelihoods, including by developing social infrastructure in communities and implementing reforms.

ADB supported Uzbekistan’s first major private sector renewables investment with a $17.5 million loan for a 100-megawatt solar power plant. ADB also helped to secure public-private partnership (PPP) contracts in solar power, district heating, and wastewater treatment.

ADB said that it aimed to provide further support to Uzbekistan this year in renewable energy including solar and wind, water resources, urban development, and roads, policy-based lending for state-owned enterprises and PPP reform. The lender will also support mortgage market development.

ADB, which is Uzbekistan’s largest partner with a total portfolio of $10 billion in loans, grants, and technical assistance, said that the bank planned to continue expanding and broadening the coverage of its private sector operations in the Central Asian country.

Uzbekistan aims for 25 percent of its energy consumption to be derived from renewable sources by 2030.

The Energy Ministry said that the total capacity of solar and wind power plants in Uzbekistan would reach 8,000 megawatts by 2026, allowing the country to save about 3 billion cubic metres of natural gas per year.