Tashkent hosted the International Economic Forum “Uzbekistan: Achievements of Economic Reforms and Outlines”.

More than 300 high-ranking representatives of the World Bank, Asian Development Bank, Goldman Sachs Asset Management Council, international financial institutions such as Rothschild&Co, foreign governments, large banks and investors, consulting and audit firms and organizations took part in the forum.

On the second day of the forum, such issues as the transformation of state-owned enterprises and banks, privatization, capital market development, public-private partnership projects and the prospects for regional economic cooperation were discussed.

Presentations of Uzbekistan enterprises entering the market took place. Several documents on cooperation with large international financial institutions and investors were signed.

A Cooperation Agreement was signed between Navoi Mining and Metallurgical Plant and VTB Bank (Russia). According to this document, VTB Bank, within the framework of financing the investment program, will provide Navoi Mining and Metallurgical Plant with a loan for $1 billion for 5 years.

An agreement was signed on attracting a credit line from ICBC Standard PLC (UK) by Uzsanoatqurilishbank.

A Cooperation Agreement was also signed between Almalyk Mining and Metallurgical Plant and the international consulting company of Canada HATCH. This agreement was concluded to organize and develop a copper industry cluster, exchange experience in the production of copper products and mining machines, and introduce advanced technologies.

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are promoting increased private-sector participation in Uzbekistan’s banking sector by acquiring stakes in TBC Bank Uzbekistan (TBC UZ), a subsidiary of TBC Bank Group, the largest banking group in Georgia and listed on the London Stock Exchange. The investment is aimed at strengthening digital finance in Uzbekistan and thereby boosting financial inclusion in the country.

The two institutional investors – the EBRD and IFC – are planning to acquire stakes of up to 20 percent each in TBC UZ. The investments will support the continued operational growth of this newly established private market player and promote international standards of corporate governance in the sector.

S. Rakhimov, UzA