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.

Between 2022 and 2026 Uzbekistan will build 21 large hydropower plants with a total capacity of 740 megawatts.  Seven projects with a total capacity of 170 MW are expected to start next year.