German Roland Berger GmbH to develop the network of Uzbek roads; EBRD to support development of national capital market in Uzbekistan; World Bank Technical Assistance Group arrives in Uzbekistan;
German Roland Berger GmbH to develop the network of Uzbek roads
Uzbekistan and the German company Roland Berger GmbH reached a preliminary agreement on cooperation in the development of the Concept for the future development of roads in the country.
The new concept should provide for the introduction of modern standards and technologies in the design, construction and reconstruction, as well as the repair of roads, depending on their categories, providing improved quality and service life.
Another important point is that the concept will contain a program for the construction and reconstruction of public roads for the period from 2019 to 2040, taking into account the prospective assessment of the socio-economic development of the republic and regions.
EBRD to support development of national capital market in Uzbekistan
The EBRD has organized a conference on the theme: “Developing a money market and a capital market in support of economic growth in Uzbekistan” in Tashkent, with the assistance of the Government of the Republic of Korea.
The aim of the conference was to launch the events within the Memorandum of Understanding (MoU), signed between the Republic of Uzbekistan and the EBRD in August 2018, namely: strengthening the banking and financial sectors of Uzbekistan; development of local capital markets; improving financial intermediation, as well as deepening and diversifying sources of financing for local borrowers and improving access to financing in local currency.
This conference gave a start to diagnosis of the capital market in the country. Along with other measures, the Memorandum of Understanding will help to improve the regulatory framework of the financial market and develop the interbank market in national currency with the ultimate goal of creating a well-functioning bond market and stock market in Uzbekistan.
World Bank Technical Assistance Group arrives in Uzbekistan
A group of experts of the World Bank is carrying out an expert examination of the draft law “On banks and banking activity”, developed by the Central Bank of Uzbekistan, the press service of the regulator said in a statement.
The development of the law “On Banks and Banking” in a new edition was initiated taking into account the key importance of a strong and efficient banking sector in ensuring economic growth in a rapidly growing market, and also based on the global trend to increase the role and importance of regulators in ensuring the stability of the banking system.
In particular, the draft law envisages improvement of prudential banking supervision, which will include the authority of the Central Bank to apply reasoned judgment, as well as early response measures in the implementation of risk-based supervision. The draft law also stipulates establishment of increased requirements for the level of competence and business reputation of shareholders, members of supervisory boards and executive management.