The World Bank lends 50 million dollars to Uzbekistan

On November 30, the Board of Executive Directors of the World Bank approved a soft loan of $50 million for the implementation of the "Digital Inclusion in Uzbekistan" project. This information was reported by the bank's press service.

The project aims to support the government's initiatives in developing the digital economy, providing digital skills training, and creating employment opportunities for thousands of youth in rural and remote areas within the Information Technology Enabled Services (ITES) sector.

"The new project, backed by the World Bank, will assist Uzbekistan in leveraging the ITES services sector for economic growth, generating new jobs, and attracting foreign investments, particularly targeting individuals under 30 years old residing in rural and remote areas of the country. The project, which aims to train thousands of young people, is being implemented by the IT-Park under the Ministry of Digital Technologies. Various incentives are provided for ITES companies hiring individuals who have completed these training courses," stated Marco Mantovanelli, Head of the World Bank's representative office in Uzbekistan.

Forecasts indicate that by the project's completion in 2029, 25,000 people will be employed in the field of ITES services in Uzbekistan, with 15,000 finding employment in similar fields. Additionally, up to 11 regional ITES centers offering modern office space will be launched across the country.

It is worth noting that, as a result of project measures, approximately 240 new ITES companies will become IT-Park residents and commence operations in Uzbekistan.

As a reminder, the World Bank has previously highlighted factors that may negatively impact Uzbekistan's economy in the future.