The European Bank for Reconstruction and Development (EBRD) elaborated on the content of the agreement signed by the government of Uzbekistan and the international financial institution.

“The EBRD and the government of Uzbekistan agreed to work jointly on the successful privatization of one of the country’s largest state-owned lenders Asakabank. The EBRD will be providing necessary pre-privatisation support in the form of recommendations, knowledge-sharing, technical assistance and may consider a pre-privatisation equity investment,” the EBRD shared.

The agreement was signed by deputy prime minister, minister of economy and finance of Uzbekistan Jamshid Kuchkarov and EBRD managing director for Central Asia Zsuzsanna Hargitai.

According to the document, the parties will work on institutional transformation and corporate governance reform at Asakabank in preparation for its privatization.

Earlier, an agreement on privatization of Asakabank was signed by the government and the EBRD, as announced by President of Uzbekistan Shavkat Mirziyoyev.