Ipoteka Bank, Uzbekistan’s fifth largest bank, was acquired by Hungary’s OTP Bank. They bought 73% of Ipoteka Bank’s shares from the Uzbek Ministry of Economy and Finance for $324 million, and plans to buy the remaining 26% within three years. The bank also changed its logo as part of the deal.
Uzbekistan’s international reserves dropped by $837.9 million to $34.37 billion in May, as the value of its gold reserves fell by nearly $1 billion. The decline in gold did not lead to a corresponding rise in foreign exchange reserves.
In 2022, nearly a quarter of seasonal workers came to the UK from Central Asia. Uzbekistan was the second-largest source of migrant workers after Ukraine.
The Chairman of the Central Bank of Uzbekistan said that bank deposits in foreign currency decreased by 9% in 2022. The bank attributed the decrease in dollarization to the geopolitical situation, the attractiveness of soum interest rates and the stability of the exchange rate.
President Mirziyoyev visited Samarkand and reviewed the master plan of the “Shirin” modern district, which will be built on 389 hectares near the international airport. He instructed to improve the project based on urban planning experience and to expand social services in the new area.
The World Bank revised its forecast for Uzbekistan’s GDP growth this year to 5.1%, up from 4.9% in January. The report also notes that the growth of remittances from labor migrants in Russia may slow down this year, especially for Central Asian and South Caucasian countries.
Uzbekistan will adopt the “zero waste” principles in its solid waste management system, aiming to gradually achieve full recycling and incineration at all landfills.
Uzbekistan continues to discuss the construction of a nuclear power plant with Rosatom, and in parallel it is exploring advances in small nuclear reactors. “The construction of a nuclear power plant is a very serious commitment for the state…We have to eliminate any risks,” the Energy Minister said.
Uzbekistan will unveil a new energy development programme by September 2023 that will liberalise gas and electricity prices and implement social consumption norms, First Deputy Energy Minister Azim Akhmedkhadzhayev said.
Uzbekistan resumed exporting natural gas to China after a three-month break. The volume of gas supplies in April amounted to $40.5 million.
Global challenges and problems call for closer coordination within the EAEU to address the priorities of sustainable socio-economic development of the Union’s countries, the President of Uzbekistan said at the EAEU summit.
Singapore-based STIE will advise on the design, construction of new lines and stations and modernisation of infrastructure in the Tashkent metro. Wilmar International may open a distribution hub in Uzbekistan, PSB Academy a training facility and Enercon Asia to install solar panels.
Uzbekistan produced 16.26 billion cubic meters of gas in January-April 2023, which is a 9.5% decrease from the same period last year. Electricity and heat production also declined, while oil and coal production increased slightly.
TBC Bank Group, a Georgian banking group, bought the remaining 49% stake in Payme, a payment service provider in Uzbekistan, for $55.7 million, valuing Payme at $113.6 million.
Air Products, a US-based industrial gas producer, signed a $1 billion investment agreement with Uzbekistan to purchase and operate a natural gas processing plant in Kashkadarya region. The plant is part of Uzbekistan GTL.
Masdar, an Emirati company, was declared the preliminary winner of the bid for the construction and operation of a 300 MW solar photovoltaic plant in Guzar district of Kashkadarya region.
Singapore’s Changi Airports International will help develop a feasibility study for Tashkent’s new airport, as well as consulting to optimize the operation of the existing airport.
The EU, the AFD and the government of Uzbekistan signed an agreement to support and finance the country’s strategy for transition to a green economy by 2030.
The EBRD will provide Uzbekistan Airports with up to €28 million to upgrade its fleet of special equipment at Uzbekistan’s international airports. In addition, the bank will provide a €1 million grant to optimise the company’s key business processes and its structural divisions.
The European Bank for Reconstruction and Development provided a $19.3 million loan to ACWA Power Wind Karatau to build a 100 MW wind farm in Nukus, Karakalpakstan.
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