In the context of rapid global economic change, issues of sustainable development, responsible finance, and digital transformation are becoming key factors in state competitiveness.

Uzbekistan, actively modernizing its economy, is likewise prioritizing the integration of international standards and best practices.

The important step in this direction became the Erasmus Centre of Excellence in Sustainable Business and Finance (ECESBF) at the Tashkent State University of Economics (TSUE). The Centre was initiated as part of the Jean Monnet Project under the Erasmus+ Programme, co-funded by the European Union.

ECESBF brings together research activities, expertise, and practical tools to adapt the best European solutions in the fields of sustainable finance and digitalization to the realities of Uzbekistan. Drawing on the EU’s experience in monitoring progress in digital transformation, ECESBF proposes introducing in Uzbekistan instruments similar to those used in the European Union.

In Uzbekistan, the digitalization process is defined through the Digital Uzbekistan 2030 Strategy approved in 2020. 

According to experts, companies that take environmental criteria into account and adhere to ESG principles (environmental, social, and corporate governance) gain more favorable access to capital – both from financial institutions and in the market overall. In this sphere, ECESBF draws on the extensive experience of the European Union, studies European practices, and adapts them to the local context, thereby contributing to the development of the country’s modern financial policy.

Based on the analysis and adaptation of European best practices, ECESBF introduces and disseminates environmental, social, and governmental standards through the Sustainable Finance Strategy.  In particular, ECESBF develops and introduces project evaluation criteria based on ESG standards and embeds them into the practices of financial institutions, particularly commercial banks in Uzbekistan.

The Template for an Environmental and Social Risk Management Policy increases the practical value of the Strategy, as it can, with appropriate adjustments, be used by financial institutions in Uzbekistan to develop their own internal policies. It offers a more specific and actionable framework.

The Digitalization and Sustainability Database offers an integrated platform where users can search for information on digitalization, digital transformation, and sustainability, both from EU and local contexts. Given the dynamic nature of policy development and research, the database is not a static resource. New documents are continuously issued and published; therefore, the database is to be regularly updated to reflect the latest developments.

Based on the materials collected in the Database, ECESBF developed the Digital Transformation Scoreboard, adopting EU practices for local conditions in Uzbekistan. The Scoreboard combines European policies in this area, describes the methodology for monitoring and evaluation, demonstrates the progress of digital transformation across selected industries, and conducts a comparative analysis in accordance with the parameters set out in the Digital Uzbekistan 2030 Strategy. The Scoreboard adapts the European indicators for monitoring the digital transformation to the geographic, institutional, and economic specifics of Uzbekistan. The policies focus equally on the development of new technologies and on the deployment and use of existing technologies in industry.

The establishment of ECESBF became an essential step in strengthening Uzbekistan’s scientific capacity and its integration into the European knowledge space. The Centre plays a key role in adapting and implementing European standards of sustainable finance and digital transformation, ensuring transparency, modernization, and enhanced competitiveness of the national economy.

The strategies, tools, databases, and indices developed by ECESBF already serve as a foundation for formulating government decisions, improving the efficiency of financial institutions, and supporting the digital transformation of various sectors.

The Centre’s activities demonstrate that cooperation with the European Union and the adoption of leading international practices contribute to sustainable development, the strengthening of the financial system, and the acceleration of innovation in Uzbekistan, creating a foundation for long-term economic growth.

Roman Bondarchuk, UzA