TASHKENT, Jun 22 (NNN-AGENCIES) – Uzbekistan and the International Finance Corporation (IFC), signed a cooperation agreement, to attract investment in the chemical industry and encourage the introduction of sustainable practices in the production of mineral fertilisers, the Uzbek Finance Ministry said yesterday.
The project with the IFC aims to eliminate inefficiencies in the sector, through market reforms, thus reducing the role of the state and creating equal conditions for private investors.
The chemical industry and production of mineral fertilisers in Uzbekistan have huge potential for growth, but transforming them into a modern industry, meeting the country’s needs and unlocking its export potential, requires reforms and private sector investment, the ministry said in a statement.
“Uzbekistan initiated reforms to modernise the outdated production and distribution of chemicals and fertilisers, encourage investment and create a competitive industry that will provide new highly skilled jobs, and reduce the carbon footprint of Uzbekistan’s industry,” said Uzbek Finance Minister, Timur Ishmetov.
The IFC has been assisting the Uzbek government, in preparing state-owned banks for privatisation, developing and diversifying the financial market, transforming the cotton sector, developing the chemical industry, and piloting public-private partnerships, in the energy and health sectors. As of May 1, 2021, IFC’s investment portfolio in Uzbekistan amounted to 160 million U.S. dollars.– NNN-AGENCIES