The Embassy of Uzbekistan in Riga organized the first round of Uzbekistan – Finland expert meetings dedicated to expanding the legal framework of cooperation, regulating the issues of attracting investments and soft loans, using the capabilities of the Public Sector Investment Facility (PIF) of Finland.

The Public Sector Investment Facility (PIF) for developing countries is one of the financial instruments in Finland's development cooperation policy. Its objective is to support the public sector investments in developing countries that comply with the sustainable development goals of the UN and utilize Finnish expertise and technology. The new form of funding will replace the previously used concessional credits.

The event was attended by the Ambassador of Uzbekistan to Finland with residence in Riga Kadambay Sultanov, Ambassador of Finland to Uzbekistan with the residence in Helsinki, Marja Elina Liivala, heads and experts of the involved departments of the Ministries of Investments and Foreign Trade, Foreign Affairs and Finance of Uzbekistan, as well as relevant divisions of the Ministry for Foreign Affairs of Finland and the Finnvera Export Credit Agency.

The prospects for signing the Framework Agreement between Uzbekistan and Finland were considered, allowing in the future on preferential terms to finance investment and loan projects in the country, using the capabilities of PIF.

Finnish experts made a presentation and gave detailed explanations about the mechanisms and conditions for attracting PIF funds. It was emphasized that investment projects must meet the national development needs of the beneficiary country, be economically, socially and environmentally sustainable, support efforts to achieve SDG 2030. This, in particular, includes such areas as social development, water supply, energy, clean technologies.

UzA