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Uzbek
The Asian Development Bank (ADB) has approved two loans totaling $400 million. These funds will be directed towards the development of the country’s financial markets and a sustainable, market-oriented energy sector.
A loan of $300 million will support reforms aimed at reducing carbon emissions and increasing energy efficiency. These reforms include an action plan for the development of the electricity market, the creation of an independent energy regulator to promote competition and ensure transparency, the separation and transfer of central procurement and retail functions to newly established independent entities, and a comprehensive energy sector master plan to increase the use of renewable energy, reduce greenhouse gas emissions, and modernize the country’s transmission and distribution network.
The second loan of $100 million will support the implementation of regulatory and institutional reforms aimed at improving market conditions for optimizing financial transactions and services, as well as increasing measures to regulate supply and demand for the growth of Uzbekistan’s capital and money markets.
Key initiatives supported under this program include delegating all regulatory powers for the capital market to a specialized regulator, a proposed law consolidating all capital market-related regulations, publishing comprehensive market data online to ensure transparency and access, a public debt law supporting the issuance of bonds to finance green and social projects, and a fintech regulatory sandbox regime to facilitate access to the capital market.
“Active participation of the private sector is crucial for the economic growth and transformation of Uzbekistan. The reforms supported by these programs will help create a favorable environment for regulators and companies to play their role in fostering development by creating robust domestic financial markets and meeting energy needs while addressing climate change,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
Uzbekistan joined the ADB in 1995, and since then, the bank has provided the country with loans, grants, and technical assistance totaling $12.5 billion.
The text has been translated by AI. For more accurate information, please refer to the Russian version of the article.
