ADB will give Uzbekistan 59 million dollars for urban development

“The Asian Development Bank will allocate funds in the amount of 59 million US dollars for the comprehensive development of the cities of Uzbekistan.  The decision of the President “On measures to implement the project “Comprehensive development program of cities in the Republic of Uzbekistan” with the participation of the Asian Development Bank” was adopted.

It is noted that this document was developed in accordance with the decision of the President made on 30 December 2021 “On approval of the investment program of the Republic of Uzbekistan for 2022-2026 and introduction of new approaches and mechanisms of investment project management”.

A preliminary agreement was reached on signing a loan agreement with ADB in the amount of 59 million US dollars for the implementation of the “Program for the Comprehensive Development of Cities in the Republic of Uzbekistan” project.

In this regard, the goods received within the framework of projects implemented at the expense of funds (debts, credits) of international financial institutions and foreign government financial organizations according to international agreements of Uzbekistan are exempted from customs duty.

The project implementation period is 5 years (2023-2027).  The Ministry of Investments, Industry and Trade is designated as the executive body responsible for the timely implementation of the project and the targeted and effective use of ADB loans.

The document confirmed the following:

• The main technical-economic parameters of the technical-economic justification of the “Comprehensive urban development program in the Republic of Uzbekistan” project;

• Forecast schedule of debt repayment and interest payments of the Asian Development Bank under the project “Integrated Urban Development Program in the Republic of Uzbekistan”;

• The forecast table of the distribution of shares in connection with the repayment of the debt of the Asian Development Bank starting from 2028 within the framework of the “Comprehensive Urban Development Program in the Republic of Uzbekistan” project;

• Forecast of the distribution of shares in the framework of the 2nd component of the project “Comprehensive development program of cities in the Republic of Uzbekistan” in connection with the coverage of service costs for the debt of the Asian Development Bank.