SMEs in Uzbekistan account for over half of the gross domestic product (GDP) and provide about two-thirds of formal and informal jobs.

Gross domestic product (GDP) grew 5.3 percent in January-November this year from a year earlier mainly backed by the growth in the non-oil sector.

Uzbekistan, a double-landlocked country with almost 35 million people, has been actively promoting the South and Central Asia rail link that will go through its war-torn neighbour Afghanistan, giving it access to the ports of Karachi, Gwadar and Qasim.

Earlier this year, Petronas decided to sell its 15.5 percent stake in the project.

BP said that it had acquired the 1.16 percent stake from Malaysia's Petronas for $168 million.

S&P said that the negative outlook reflected the bank’s still high amount of problem loans, low earnings, and high loan concentrations.