Uzbekneftegaz is hoping to secure $184 million in financing from EXIM Bank for the next stage of the project.

The cost of the total project is 185.4 million euros, of which 142 million euros will be paid out through loans from leading European banks.

Realising that fossil fuels would not last forever, Kazakhstan took steps to diversify its economy. This included a new focus on its tourism industry. Though under-developed, officials knew it was an area that had much to offer.

Positive growth this year is expected to accelerate in 2022 to 5.8 percent. The World Bank said that Uzbekistan’s economic growth is expected to recover to 4.8 percent this year and 5.5 percent in 2022.

The chemical industry and the production of mineral fertilisers in Uzbekistan have huge potential for growth, but reforms are required,