On July 6 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud–Basso in London.

The parties focused on the issues of deepening bilateral cooperation, taking into account further measures to support the private sector, promote environmentally friendly energy and resource solutions in the industry and the social sector, as well as elevate the investment attractiveness of various sectors of the Uzbek economy.

The Head of the EBRD expressed commitment to further support the implementation of the program of socio-economic reforms implemented in Uzbekistan and the promotion of joint initiatives.

The progress on the implementation of the current investment portfolio, consisting of 16 projects worth over 1 billion euros, was reviewed in detail. It is worth noting that in 2021, the EBRD invested more than 600 million euros to implement 22 projects in Uzbekistan. During the dialogue, algorithms for further interaction were developed to address existing issues and accelerate the practical implementation of the projects under consideration.

The meeting agenda also included issues of cooperation with the Bank in the areas of increasing the export potential of Uzbekistan, the development of regional transport routes, as well as support for women's and youth entrepreneurship.

The EBRD management expressed readiness to continue working to improve the regulatory framework to ensure openness and transparency in privatization processes, as well as to create a competitive and equal environment for all market participants.

Following the meeting, the parties agreed to continue joint activities to promote the agreements reached and to work out new areas of multifaceted partnership. A Memorandum of Understanding was also signed between the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan, the Ministry of Water Resources of the Republic of Uzbekistan and the EBRD regarding cooperation in the development of institutional management and digitalization in the irrigation water supply sector in Uzbekistan.