Central Bank of Uzbekistan raises refinancing rate; ADB to allocate over $ 3 billion to Uzbekistan over five years; Representatives of Singapore plan to build a network of kindergartens in Uzbekistan; Production of electric cars to be launched in Andijan region; Kazakhstan proposed to Uzbekistan to build a joint satellite; Monopoly on the external Internet channel will be liquidated; A branch of the Moscow Institute of Steel and Alloys opened in Almalyk; Indian company can build solar power plants in Uzbekistan; “Uzbekenergo” and South Korean KT concluded a deal for the supply of smart electricity meters; “Panorama” in Tashkent can be given to private hands on the terms of PPP;
Central Bank of Uzbekistan raises refinancing rate
The Central Bank of Uzbekistan (CBU) decided to raise the refinancing rate by 2 percentage points – from 14 percent to 16 percent per annum from Sept. 25, 2018, the press service of the CBU said in a statement.
This decision has been made taking into account changes in external conditions and is aimed at reducing inflationary pressure amid rising inflation expectations, growth in regulated prices and rising exchange rate pressure on prices.
Despite the slowdown in annual inflation, this trend may change as a result of implementation of inflationary risks. Toughening monetary policy will help reduce these risks and inflation expectations.
Annual inflation in Uzbekistan continued to decline and amounted to 15.7 percent in August, not exceeding the scope of the initial forecast. This was facilitated by the seasonal cheapening of horticultural products and the gradual exhaustion of the influence of the accelerated growth rates of the money supply and the devaluation of the soum in 2017.
ADB to allocate over $ 3 billion to Uzbekistan over five years
“ADB is preparing a new five-year partnership strategy with Uzbekistan and plans to mobilize more than one billion dollars a year over the next three years,” the ADB press service reports.
The funds will be allocated under the new partnership strategy for 2019-2023. The money will go to projects aimed to improve water supply and sanitation, development of transport infrastructure, energy sector, creation of jobs in rural areas, health care and support for the reform program of the Uzbek authorities.
ADB Vice President Wenzai Zhang, present in Uzbekistan until September 22, is currently discussing the strategy of the partnership with the Uzbekistan government.
The Asian Development Bank has provided Uzbekistan with over $ 7 billion since 1995 for the implementation of 67 projects in the fields of education, agriculture, and modernization of transport infrastructure and energy sector. Another 83.6 million dollars were received by the republic in the form of grants for technical assistance.
Representatives of Singapore plan to build a network of kindergartens in Uzbekistan
The chairman of the Singapore company Modern Montessori International T. Chandru and the director of the CISTECH International Pte Ltd company B. Mekani visited Tashkent city administration.
Representatives of Singapore came to Tashkent to discuss issues of revitalizing the activities of Singaporean companies in implementation of the project to create a network of kindergartens Modern Montessori International in Uzbekistan.
The Tashkent municipality expressed willingness to assist Singaporean businessmen and the parties discussed the issue of the construction by the Singapore side of the center for training personnel and directly at the center – children’s educational institutions.
Production of electric cars to be launched in Andijan region
South Korean company Rooper teikom Co. Ltd plans to create capacity for production of electric vehicles in Asaka before the end of 2019, UzA reported.
“We agreed with partners to invest US$2 million in the project. We plan to start manufacturing electric vehicles by the end of next year,” the director of the company, Sung Ying Song said.
Kazakhstan proposed to Uzbekistan to build a joint satellite
An international conference on developing cooperation between Kazakhstan and Uzbekistan in new geopolitical conditions has begun in Astana, Kazinform reports.
The leadership of the Institute of Interregional and Strategic Studies under the President of Uzbekistan, headed by Vladimir Norov, is attending the event. In addition, the leading experts of the two countries are participating in the conference.
During the conference, the Ministry of Defense and Aerospace Industry of the Republic of Kazakhstan announced that they had started implementing joint projects with Uzbekistan and told about plans for the future; the creation of a joint satellite is among them.
In addition, the parties held the first meeting of the working group on military-technical cooperation and identified the main areas of future cooperation.
According to the director of the international military-technical cooperation department, Aslanbek Syrlanov, the Tashkent and Kokshetau enterprises constructed a 25-ton truck crane. It can be used in any industry. Now the procedure for obtaining a certificate is in progress. In the future, it is planned to supply the truck crane to neighboring states.
Monopoly on the external Internet channel will be liquidated using the funds of private investors and entrepreneurs
President Shavkat Mirziyoyev has recently approved the Innovative Development Strategy of Uzbekistan for 2019-2021, which sets the “Road Map” with a list of specific actions and deadlines. One of the points is regarding the liberalization of direct access to international telecommunications networks for all operators.
This liberalization should be achieved before January 1, 2020, with funds from private investors and entrepreneurs.
As a result of the liberalization of access to international telecommunications networks, all operators are expected to lower prices of Internet access for end users.
A branch of the Moscow Institute of Steel and Alloys opened in Almalyk
The university will train highly qualified engineering and technical personnel for the manufacturing and industrial fields of the republic.
According to the established quota for the 2018/2019 academic year, 150 students were accepted to the branch for full-time study in such areas as Mining, Metallurgy and Automation and Management of Technological Processes and Productions (by industry).
Graduates of the branch will be given diplomas of the established model of the NUST “MISiS”, which is recognized as a document of higher education in Uzbekistan and the Russian Federation.
Indian company can build solar power plants in Uzbekistan
Indian company Shapoorji Pallonji plans to invest in the construction of solar power plants in Uzbekistan. Now the company is exploring the possible locations, the tax and customs benefits provided in this area, the duration of the contract for the sale of electricity, the terms of granting state guarantees for the money involved.
Samarkand, Bukhara and Kashkadarya regions are potentially regions for the construction of a power plant with capacity from 50 to 100 MW.
“Uzbekenergo” and South Korean KT concluded a deal for the supply of smart electricity meters
KT informs that within the framework of this transaction during two years it will supply 360 thousand smart meters for households in Jizzakh, Samarkand and Bukhara regions. The amount of the transaction is 30 billion won (about $ 25 million).
Such meters allow “Uzbekenergo” or another monitoring body to monitor the consumption of electricity in real time (no need to walk anymore and record the readings).
The meters allow, in the case of non-payment or debts, to turn out the power supply in an accurate manner, and evenly distribute the load in order to avoid jumps and malfunctions.
KT informed that it intends to expand cooperation with Uzbekistan in other areas.
“Panorama” in Tashkent can be given to private hands on the terms of PPP
Cinema “Cinema Palace” (former cinema “Panoramic”), is planned to be transferred to private hands on the terms of public-private partnership, according to the project published by the Ministry of Finance.
The document, which is aimed at the development of PPP in the sphere of culture and art, lists 90 objects that are now on the balance sheet of the state, but are planned to be transferred to the management of private business.
So, for example, now the cinema is managed by SUE “The Alisher Navoi Palace of Cinema”. There is 27 thousand square meters in the territory of the cinema, and 15.8 thousand squares from them are occupied by structures. If the document successfully passes all the stages of approval and is adopted, then the search for a private partner who will invest in the object and will manage it in the future will start.
In addition to the cinema, two more Tashkent sites are listed on the list: the Gulshan Park in Mirzo-Ulugbek District and the Culture and Recreation Center in the same area along Kizilsuv Street