The World Bank has approved a financial support package to Uzbekistan comprised of $470 million highly concessional loans and $480-million low-cost loans, the lender’s office in Tashkent said on Saturday.
The financing will support “an inclusive transition to a private-sector-led economy by strengthening market institutions and ensuring all citizens take part in the benefits of economic growth” in Uzbekistan, it said.
These funds will be provided by the World Bank’s two sovereign lending institutions — the International Development Association and the International Bank for Reconstruction and Development, Xinhua news agency reported.
The financing will support reforms to establish a new National Social Protection Strategy, and expand publicly funded maternity benefits to private sector employees, according to the bank.
It will also help Uzbekistan establish new legislations on privatising state-owned enterprises and on insolvency to improve the private sector business environment, increase private participation and enhance competition in the country’s mobile telecommunications.