Tashkent, Uzbekistan (UzDaily.com) -- On 9 June 2021, the Ministry of Economic Development and Poverty Reduction signed a mandate letter between the Ministry of Finance, Uzpromstroybank and the European Bank for Reconstruction and Development.

The mandate letter envisages the EBRD’s participation in the pre-privatization transformation of Uzpromstroybank through the provision of a credit line in the amount of US$50 million.

It is envisaged that as part of the transformation, the loan will be converted into the authorized capital of the bank, as a result of which the EBRD will become a shareholder of Uzpromstroybank.

The meeting was attended by Deputy Prime Minister-Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov, Minister of Finance Timur Ishmetov, First Deputy Minister of Finance Omonullo Nasritdinkhodjaev, Deputy Minister of Economic Development and Poverty Reduction Bobur Abdinazarov, Deputy Minister of Finance Odilbek Isakov, Director of the Management Agency state assets Akmalkhon Ortikov and Deputy Chairman of the Board of Uzpromstroybank Zafar Azimov.

The EBRD delegation, led by First Vice President Jurgen Rigterink, included the new Managing Director for Central Asia, Zsuzhanna Hargitai, Head of the Representative Office in Uzbekistan Alkis Drakinos, Managing Director for the Financial Institutions Sector Francis Malij and other representatives of the bank.

During the meeting, information was provided on the implementation of reforms in the field of transformation and privatization of enterprises, as well as banks with the participation of the state. The parties discussed the role and assistance provided by the EBRD in these processes.

In addition, they discussed the further improvement of the capital market in the Republic of Uzbekistan, as well as projects in the field of public-private partnership, implemented with technical assistance from the EBRD.