The bank explained its decision by risks and uncertainties that persisted in external and domestic economic conditions despite the declining dynamics.

The World Bank forecasts that economic growth in Europe and Central Asia will slow to 3 percent in 2022, as domestic demand stabilises, and 2.9 percent in 2023, as external demand plateaus and commodity prices soften.

The total cost of the project is more than 147 million euros, of which the remaining 29.9 million euros will come from project beneficiaries and 17 million from the government.

The investments will help Uzbekistan to launch 282 large and more than 9,000 regional projects.