EBRD Plans More Uzbek Projects

The European Bank for Reconstruction and Development, which has just resumed lending in Uzbekistan, plans 15 more projects in the Central Asian nation in the next 12 months, EBRD first vice president Phil Bennett said on Saturday, Reuters reported. Bennett reopened an EBRD office in the former Soviet republic this week and agreed four loans worth $125 million in total, the bank’s first new financing in the country since 2010. Reengaging the EBRD was one of the first big moves by President Shavkat Mirziyoyev, who came to power last December and announced an ambitious program of economic reforms. Bennett told reporters in the Uzbek city of Samarkand that the bank’s operations in the mostly Muslim nation bordering Afghanistan were “going fast”. “We have some further 15 projects in our pipeline for the next 12 months,” he said. The Uzbek loans have brought total EBRD lending in Central Asia this year to $1 billion, Bennett said.