BAKU, Azerbaijan, Oct. 5
By Klavdiya Romakayeva - Trend:
IFC (International Finance Corporation) increased private sector participation in the economy with a total of $60 million in loans, Trend reports with reference to IFC press service.
IFC Director for Europe and Central Asia Wiebke Schloemer held a series of virtual meetings with the leadership of ministries, state agencies, Central Bank of Uzbekistan, and IFC client banks to discuss how IFC can continue to support Uzbekistan as it embarks on ambitious economic reforms.
During the meetings, they discussed how to further support the country’s economic transformation by developing the private sector and bringing investments in key sectors, including banking, chemicals, cotton, energy, and telecom
The IFC delegation also updated Uzbek leadership about the progress of the corporation’s program in Uzbekistan. During its fiscal year 2020, ending June 30, IFC helped improve access to finance for thousands of micro, small and medium-sized enterprises in Uzbekistan, supported the country’s chemical sector, and increased private sector participation in the economy with a total of $60 million in loans.
IFC also kept accompanying the country on its economic transformation journey through targeted advisory projects. This included assistance aimed at modernizing and privatizing state-owned banks and transforming the cotton sector with the introduction of modern, sustainable, and responsible production practices.
In addition, IFC also helped further develop and diversify the country’s financial market, increasing access to finance, and piloting flagship public-private partnership (PPP) transactions in the energy and health sectors catalyzing both the capital and international expertise into the Uzbek private sector.
“Our good results in the past fiscal year are a demonstration of our strong commitment to the country. We will continue to support the government’s reforms to increase foreign direct investment flows and boost the private sector while helping businesses deal with the economic impact of the COVID-19 pandemic,” she added.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using capital, expertise, and influence to create markets and opportunities in developing countries. In the fiscal year 2020, IFC invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
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