TASHKENT– The World Bank has approved a financial support package to Uzbekistan, comprising of 470-million-U.S.-dollar highly concessional loans, and 480-million-U.S.-dollar low-cost loans, the lender’s office in Tashkent said yesterday.
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 the 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.
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.
Source: NAM NEWS NETWORK