Economy
ADB approves $300 mln loan to Uzbekistan for microfinance development
The Asian Development Bank loaned Uzbekistan $300 million to increase access to finance for underbanked microenterprises.
Updated plans for construction of first toll roads in Uzbekistan approved
The construction of Tashkent-Samarkand toll road is expected to begin in December. with transfer of management to a private operator by late 2028. The plans for Tashkent-Andijan, Samarkand-Bukhara and other toll road projects have also been approved.
ADB launches new 5-year partnership strategy for Uzbekistan
The Asian Development Bank launched a new country partnership strategy for Uzbekistan covering 2024−2028 that will support the country’s reforms to transform into a green and inclusive economy.
Uzbekistan to host 4th World Conference on Creative Economy
The 4th World Conference on Creative Economy will be held in Tashkent on 2−4 October. The event, titled “Inclusive creativity: a shifted reality”, will feature a ministerial meeting, an exhibition and other events.
Air Products (US) buys hydrogen production assets of Fergana Oil Refinery
US-based hydrogen supplier Air Products and Uzbekistan largest private oil and gas company Saneg announced a $140 million deal to acquire Saneg’s hydrogen production assets at Fergana Oil Refinery.
New mobile operator to be launched in Uzbekistan
A new mobile operator will appear in Uzbekistan, among possible partners is British Vodafone, entrepreneur Farhod Mamatjanov said. The company will deploy a 5G Standalone network. The investment volume is estimated at 250 million euros, the launch is expected in early 2025.
“Our future is equal rules of the game.” President on the need to join WTO
Uzbekistan’s joining the WTO is a well-thought and far-sighted choice, and an integral part of reforms, the president said. The country’s economy needed protection “to some extent” in the past, but continuing down this path means limiting the country’s opportunities, he told businessmen in Nukus.
Uzbekistan aims to cut poverty to 7% from 11% in three years
Uzbekistan wants to cut poverty level to 7% in three years from current 11%, it was said at the presentation to president Shavkat Mirziyoyev. In 2020, poverty level was estimated at 17%.
Salaries, pensions, fines and other payments to increase in Uzbekistan this fall
Pensions and benefits will increase in Uzbekistan by 15% from 1 September. Salaries to public sector employee will rise 10% from 1 October, while teachers and medical workers will have a 15% wage increase. An increased basic calculation value means fines, taxes and other payments will also increase.
Urgench airport to be modernized and managed by private partner
Urgench airport is expected to be modernized — with construction of a new runway, new terminal and other facilities — and transferred to management on a public-private partnership model.
17 types of state monopolies are set to be eliminated in Uzbekistan
17 types of state monopolies should be eliminated in Uzbekistan in areas like energy, oil and gas, water management, road construction, railway and airport services. The concept was presented to president Shavkat Mirziyoyev.
Slowing down YouTube in Russia will not affect its speed in Uzbekistan — ministry
Slowing down of YouTube in Russia will not affect the work of the video hosting platform in Uzbekistan, the Ministry of digital technologies said.
Central Bank of Uzbekistan cuts policy rate to 13.5%
The Central Bank of Uzbekistan lowered the policy rate below 14% for the first time in seven years as pro-inflationary risks decrease. Headline inflation is expected to be at 9% by the year end and will approach the 5% target by the end of 2025.
Money transfers to Uzbekistan increase by 25%, Russia’s share continues to decline
Money transfers to Uzbekistan increased by 25% in the first half of 2024, reaching $6.5 billion. This figure is twice the Central Bank’s preliminary forecasts. Remittances from the US, Germany, South Korea and Poland grew significantly, while Russia’s share continuing to decline.
Uzbekistan to get a new tourism brand
A new tourism brand will be developed for Uzbekistan. The contest should be completed by October. The current brand has been used since 2013.
Uzbekistan to start producing heat from medical waste
A new joint venture with the American company Sayar has been established to produce alternative heating from medical waste in Uzbekistan. State medical institutions and other organizations will pay for heating at special tariffs.
ACWA Power sells 35% stake in two wind power plants in Uzbekistan
Saudi ACWA Power sold a 35% stake in two wind power plants in Bukhara region of Uzbekistan to China Southern Power Grid International.
BYD Uzbekistan Factory may produce Seagull and E2 EV models
BYD Uzbekistan Factory is testing budget models Seagull и E2 ahead of possible production in the country. The plant currently produces Chazor and Song Plus models.
Uzbekistan’s housing market is cooling down
Housing sales in Uzbekistan were down by 5.7% in the first six months of 2024. The growth of prices of existing homes slowed down, while rent prices in Tashkent continued dropping.
BYD may produce budget models of electric cars in Uzbekistan
Uzbekistan has reached an agreement with BYD to produce cars in the B, C and budget segments. The Chinese partners provided the first samples for testing, it was said at a presentation demonstrated to president Shavkat Mirziyoyev.
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