EIB delegation to visit Uzbekistan; EBRD starts diagnostics of capital markets of Uzbekistan; Abu Dhabi National Oil Company becomes consultant to Uzbekneftegaz; Cement plant to be built in Karakalpakstan together with South Korea;
EIB delegation to visit Uzbekistan
A delegation of the European Investment Bank headed by the EIB Vice President Vazil Hudák will take part in the First International Tourism Investment Forum (MIF) in Tashkent on 19-21 November 2018.
This was announced during a meeting of the Ambassador of Uzbekistan to the European Union, Dilyor Khakimov, on the eve of the visit with the EIB officials. EIB Managing Advisor Umberto della Pant, Head of Credit Operations for Eastern Europe and Central Asia Lionel Rapael also took part in the conversation.
The meeting discussed the upcoming events of the Uzbek-European financial cooperation. In particular, the parties exchanged views on the current state of development of promising EIB projects in Uzbekistan during implementation of the Framework Agreement (Washington, October 2017), as well as agreements on the allocation of funding in the amount of 200 million euros, signed on 5 October 2018.
EBRD starts diagnostics of capital markets of Uzbekistan
The EBRD is starting to diagnose the capital markets of Uzbekistan. On November 20, a press briefing will be held in Tashkent within the framework of the EBRD international conference “Development of the money market and capital market – promoting economic growth in Uzbekistan”
Andre Kuusvek, Director of the National Currency and Capital Market Development Department of the EBRD, Kyu Hong Cho, representative of the EBRD Board of Directors for Korea, Australia, New Zealand, and Egypt, as well as representatives of the Government of Uzbekistan will hold a press briefing at the conference on capital markets in Republic of Uzbekistan.
The conference will be the starting point for the start of diagnostics of the country’s capital markets. The work is carried out within the framework of the Memorandum of Understanding, between the Ministry of Finance, the Central Bank and the State Committee for the Promotion of Privatized Enterprises and the Development of Competition and the EBRD, signed in August 2018.
Abu Dhabi National Oil Company becomes consultant to Uzbekneftegaz
Abu Dhabi National Oil Company (ADNOC) has signed a framework agreement with Uzbekneftegaz, according to which ADNOC will provide strategic advice in mining and refining operations. This is stated in a press release of the company, received at the disposal of Spot.
The agreement was signed at the International Oil and Gas Exhibition and Conference (ADIPEC), which is held in Abu Dhabi.
The ADNOC reported that they have accumulated over 47 years of extensive experience, which will be used to support the development plans of Uzbekneftegaz in maximizing the value of Uzbekistan’s oil and gas resources. “Uzbekneftegaz” noted that the support of ADNOC will help increase revenues from gas.
Cement plant to be built in Karakalpakstan together with South Korea
The meeting, chaired by the President of the Republic of Uzbekistan Shavkat Mirziyoyev in Nukus, discussed the development of the economy of Karakalpakstan. This is reported by the press service of the head of state.
It is noted that the share of industry in the gross regional product of Karakalpakstan increased from 36 to 41 percent. And thanks to the measures taken to fully support the artisans, their number increased from 460 at the beginning of the year to 1,480. Meanwhile, in 2019-2020 it is planned to implement 1,018 investment projects for the development of industry, services and agriculture. For these purposes, it is planned to direct 11 trillion soums, including $ 895 million of foreign direct investment.
For example, next year in the Karauzyak district, together with South Korea, construction of a cement plant with a capacity of 3.4 million tons per year will begin. Fish canning enterprises will be organized in Muinak, corn processing and paper production in the Takhiatash district.