The country's first socially transformative investment fund will be created with an initial endowment of $100 million with a further increase to $500 million.

The ADB officials, who visited the country, praised the current reforms and said that Uzbekistan had ample opportunities to expand the presence of the private sector in various industries.

The 100 megawatts photovoltaic station in the Karmana district of the central Navoi region is designed to produce enough power for 31,000 households and save 160,000 tonnes of CO2 emissions annually.

According to UNCTAD, the FDI flows to the transition economies of South-East Europe and former Soviet republics declined by 58 percent to $24 billion in 2020. FDI grew only in Belarus, Kazakhstan and Montenegro.

The agency said that the bank would likely maintain its stable funding profile and liquidity position as it remained an important financial institution for the government.