The press service of the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan said that members of the Government of Uzbekistan, representatives of financial and business circles participated at the event.

At the session, representatives of the Arab Coordination Group highly rated course and results of social-economic reforms in Uzbekistan. The Group fully supported reforms in Uzbekistan, which conducted under guidance of Uzbek President Islam Karimov.

During the forum, the sides determined further direction of joint cooperation and priority projects, implementation of which will allow to support and develop reforms in Uzbekistan.

At the meeting, the Uzbek side presented industries of the country. The sides determined perspective directions of investment cooperation in social sector and agriculture. The sides underlined importance of realization of projects in education, healthcare, communal sector, development and support of private farms, chemistry and metallurgy industries, electricity production, construction materials.

After the session, Uzbekistan and the Arab Coordination Group signed several agreements for total sum of US$190.4 million.

In particular, the sides signed financial agreement on rehabilitation of long-distance channel system “Tashfaki” in Khorezm region for US$90.4 million and financial agreement on project modernization and reconstruction of existing hydro power station (first phase) for US$100 million.

Islamic Development Bank (IDB) was founded on 18 December 1973 at the session of the Ministers of Finance of the Organization of Islamic Conference and started its activities in October 1975. The IDB headquarters are located in Jeddah, Saudi Arabia. The bank created three regional offices in Rabat, Kuala Lumpur and Almaty, as well as 11 offices. IDB was created as an intergovernmental credit organizations, members of which are Muslim countries.

Uzbekistan started cooperation with the IDB in 1992, when the bank allocated US$1.4 million grant to Muslims Board of Uzbekistan. During the visit to Iran, the Uzbek President Islam Karimov met the President of IDB Ahmad Muhammad Ali. The sides considered issues of accession of Uzbekistan to the IDB, perspectives of cooperation, development of interaction between the IDB and financial institutes of Uzbekistan.

At the 28th annual meeting of IDB Group in Almaty in September 2003, Uzbekistan was accepted to the IDB as full-fledged member. Within the 29th annual session of the IDB Governors’ Council (Tehran, 2004), Uzbekistan became member of the Islamic Corporation for the Development of the Private Sector (ICD). The ICD actively participate in financing private sector, rendering consulting services both public and private sector in implementation of programme on privatizing and restructuring of the companies.

Main direction of the activities is long-term crediting and rendering technical assisting for implementing development projects in such areas as agriculture, irrigation and land-reclamation, education, healthcare, water supply, development of infrastructure, providing credit lines to small and private businesses, etc.

So far, Uzbekistan and the IDB implemented ten projects for US$186.4 million. Currently, the sides are implementing five projects for US$277.4 million.

Abu Dhabi Fund for Development was founded in 1971 on initiative of the former UAE President Sheikh Zayed bin Sultan Al Nahyan. The Fund is controlled by royal family of Abu Dhabi. The fund finances construction of public infrastructure, industry and tourism objects. The fund helps to develop infrastructure such as roads, air and sea ports, electricity supply, agriculture, housing construction, creation of jobs, improving healthcare and education, etc.

Saudi Fund for Development was founded in 1974 to provide loans to financial social-economic projects. The Fund is independent state body with headquarters in Riyadh. It is managed by Board of Directors, led by Saudi Finance Minister. The board includes representatives of Ministry of Foreign Affairs of Saudi Arabia, Department of investments of the Monetary-Loan Agency of Saudi Arabia, State Corporation on processing petrochemical products SABIC.

Cooperation between Uzbekistan and Saudi Fund for Development was established during the meeting of the Arab Coordination Group in Tashkent in 2007. The sides signed memorandum of understanding, which laid as foundation for development of cooperation with the Saudi fund.

Kuwait Fund for Arab Economic Development Fund (KFAED) was created in December 1961. The fund’s activities are directed at providing loans, grants and technical assistance. In January 2004, Uzbekistan and the fund signed a memorandum of cooperation in Al-Kuwait. The document outlines list of priority projects for further cooperation.

Within the memorandum, Uzbekistan in cooperation with the KFAED implemented several projects, including “Electrification of rail road Tashkent (Toqimachi)” and “Equipment with medical equipment of 171 emergency medical aid hospitals in cities and regions”. The sides are implementing projects “Equipping Republican Specialized center of Cardio surgery with high technological medical equipment” and “Rehabilitation of irrigation network and drainage system in Jizzakh and Sydarya region”.

The OPEC Fund for International Development was founded by OPEC member states, which unites 12 oil producing countries. The headquarters of the fund is in Vienna. The fund assists to develop cooperation with OPEC member states and developing countries. The member states allocate resources on voluntary bases to the fund and income, received from loan and investment operations.

Uzbekistan and OPEC Fund started cooperation in 2010. The sides signed an agreement on encouragement and protection of investments.