Samarkand’s rich history, architecture, and culture earned it a place on UNESCO’s World Heritage List as ‘Samarkand – Crossroads of Cultures’ in 2001.

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

The regulator’s decision was based on some key factors, including declining annual inflation rates, as well as pro-inflationary risks in the global and domestic economy.

The projects with a total cost of $701 million are being implemented by Natural Gas-Stream, a joint venture of the Uzbekneftegaz and a German company Gas Project Development Central Asia.