Uzbekistan implements Agriculture Modernization Project
Resolution of the President of the Republic of Uzbekistan has been adopted on measures to implement Agriculture Modernization Project in the Republic of Uzbekistan with participation of IBRD and IDA.
On August 11, 2020, the Resolution of the President of the Republic of Uzbekistan was adopted on measures to implement Agriculture Modernization Project in the Republic of Uzbekistan with participation of the International Bank for Reconstruction and Development and the International Development Association.
According to the document, in order to finance the project, on March 20, 2020, the World Bank’s Board of Executive Directors for a period of 30 years approved the allocation of a loan in the amount of $181 million by the International Bank for Reconstruction and Development, including a 10-year grace period, a $100 million loan from the International Development Association, including a 10-year grace period as well as a $219 million concessional loan from the International Development Association with a five-year grace period.
The total cost of the Project is $659.3 million, of which the share of the Republic of Uzbekistan is equivalent to $159.3 million.
The term of the Project implementation is 6 years (2020–2026).