TASHKENT, Uzbekistan, August 19. The Japan International Cooperation Agency (JICA) signed an agreement with Uzbekistan to provide a Japanese official development assistance (ODA) loan totaling 39 billion yen ($267.1 million), Trend reports.
According to the agency, the loan will be provided for the Inclusive and Resilient Socio-Economic Development Programme.
The objective of the program is to support Uzbekistan in advancing the transition to a market economy and promoting measures to enhance social inclusiveness and environmental sustainability through budget support, thereby contributing to sustainable economic growth and the realization of an inclusive and resilient society in the country.
The program is also backed by the World Bank, which will shell out $800 million in co-financing. The loan repayment period is stretching out for a whopping 30 years, but fear not, for there is a generous 10-year grace period for breathing room.
Earlier, JICA signed a loan agreement with Uzbekistan to provide a loan of up to $246.5 million to finance a program to support a sustainable economy and social development.
The loan is allocated for 30 years with a grace period of 10 years at an interest rate of 1.8 percent per year.