The European Bank for Reconstruction and Development allocates up to 250 million dollars in sovereign loans for the modernization of 110 irrigation pump stations across Uzbekistan. This was reported by the press service of the Ministry of Investments, Industry and Trade here.
A relevant agreement was signed within the frame of the Tashkent International Investment Forum. A sovereign loan is loan funds obtained by the state, and the responsibility for this loan lies directly with the state.
The project will cover 10 regions and will assist in the execution of the National Program for the Modernization of the Uzbekistan irrigation system. As a result, it will save annually 251 thousand megawatt hours of electricity and reduce the amount of carbon dioxide emissions into the atmosphere by more than 117 thousand tons. Moreover, the project includes updating additional infrastructure such as installing solar panels on the roofs of pump stations.
Currently, EBRD's investment portfolio in Uzbekistan includes 181 projects worth 5.6 billion euros. The majority of the funds are directed towards the development of the private sector. For five years, Uzbekistan has remained the largest destination for EBRD investments in Central Asia.
