BAKU, Azerbaijan, October 15. The Islamic Development Bank (IsDB) and the government of Uzbekistan have signed a $202 million agreement to finance an agricultural mechanization project aimed at expanding access to modern, energy-efficient and climate-smart machinery on the sidelines of the 2026 World Bank Group and International Monetary Fund annual meetings in Bangkok on October 12-18.
This was reflected in the statement by IsDB, following a meeting between IsDB Group Chairman Muhammad Al Jasser, accompanied by ITFC CEO Adeeb Yousuf Al Aama, and Uzbekistan’s Deputy Prime Minister and Minister of Economy and Finance, Djamshid Kuchkarov.
The project will be fully financed by the IsDB, with a total cost of $202 million. It aims to increase agricultural productivity, improve resource efficiency and promote inclusive development across agricultural value chains by making modern machinery more accessible.
During the meeting, the parties discussed ways to strengthen their strategic partnership and expand cooperation across several sectors.
The discussions covered transport, renewable energy, water resource management, healthcare, Islamic finance, small and medium-sized enterprise development, capacity building and trade finance.
The proposed areas of cooperation are intended to support Uzbekistan’s economic transformation, strengthen productive capacity and promote sustainable economic growth.
The agricultural mechanization project is expected to help farmers access modern equipment and improve the efficiency of agricultural operations. The use of climate-smart machinery could also support more efficient resource management as Uzbekistan works to modernize its agricultural sector.
