On August 7 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov negotiated with Vice President of the European Bank for Reconstruction and Development (EBRD) Alain Pilloux via video-conferencing.

The dialogue touched upon the measures taken by the Government of Uzbekistan to counter the coronavirus infection, as well as to reduce the impact of the global crisis on the national economy and the welfare of the country's population.

The parties considered projects in energy, housing and utilities infrastructure, ecology and the private sector in details. They exchanged their views on opportunities to accelerate the implementation of current projects, as well as on promising mechanisms for cooperation to overcome the negative impact of the pandemic on the economy of the Republic.

It was disclosed that the EBRD set a strategic task to significantly increase the financing of private entrepreneurship in Uzbekistan. Here, the parties agreed that the EBRD would additionally finance Uzbek commercial banks in the form of credit lines for small and medium-sized business projects.

They noted the significance of cooperation with the EBRD in the consistent implementation of reforms in the banking and energy sectors of Uzbekistan. There was a consideration of issues related to the privatization of state shares in a number of commercial banks, improvement of the corporate governance system of state-owned companies in the energy sector, as well as the launch of the reform process in the oil and gas industry.

The parties negotiated on possible financing of textile projects being one of the most promising sectors of the economy of Uzbekistan, which has a large export potential.

They also analyzed opportunities to attract funding for the development of women's entrepreneurship in Uzbekistan through the EBRD's special program 'Women in Central Asian Business'.

The event resulted in agreement to further develop mutually beneficial cooperation between Uzbekistan and the EBRD in specific areas and projects.