Mandate letter was signed with the European Bank for Reconstruction and Development

10/06/2021 - 21:53 48

On June 9 this year, a mandate letter was signed between the Ministry of Finance, Uzpromstroybank and the European Bank for Reconstruction and Development at the Ministry of Economic Development and Poverty Reduction.

The mandate letter provides for the EBRD's participation in the pre-privatization transformation of Uzpromstroybank through the provision of a credit line in the amount of $ 50 million.

The loan provided under the transformation will be converted into the authorized capital of the bank, as a result of which the EBRD will become an owner of shares in   Uzpromstroybank.

The meeting was attended by Deputy Prime Minister-Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov, Minister of Finance Timur Ishmetov, First Deputy Minister of Finance Omonullo Nasritdinxodjaev, Deputy Minister of Economic Development and Poverty Reduction Bobur Abdinazarov, Deputy Minister of Finance Odilbek Isakov, Director of the Management Agency state assets Akmalkhon Ortikov and Deputy Chairman of the Board of Uzpromstroybank Zafar Azimov.

The EBRD delegation, headed by First Vice President Jurgen Rigterink, included Joanna Hargitay, the new managing director for Central Asia, Alkis Drakinos, the head of the Uzbek office, Francis Malige, the managing director of the financial institutions sector, and other representatives of the bank.

During the meeting, information was provided on the implementation of reforms in the field of transformation and privatization of enterprises, as well as banks with state participation. The parties discussed the role and assistance provided by the EBRD in these processes.

They also discussed projects to further improve market capital in the Republic of Uzbekistan and public-private partnership projects implemented with the technical assistance of the EBRD.

Information service of the

Ministry of Economic Development and Poverty Reduction