On July 11, a financing agreement was signed with the World Bank for $500 million for the implementation of an agriculture modernization project in Uzbekistan, via videoconference. On the Uzbek side, the agreement was signed by Deputy Prime Minister, Minister of Investment and Foreign Trade Sardor Umurzakov, and on the part of the World Bank, Regional Director for Central Asia Lilia Burunciuc.
The signing ceremony was also attended by the World Bank Country Manager for Uzbekistan Marco Mantovanelli, the Minister of Agriculture of the Republic of Uzbekistan J. Khojayev, other representatives of the Bank and relevant agencies.
The project will be financed by the International Bank for Reconstruction and Development and the International Development Association in the amount of $276 million and $224 million, respectively.
The project will help the country modernize institutions and upgrade agricultural research and development capabilities. Local farmers and agribusinesses will benefit from more modern technologies, advisory and extension services, capacity building, long-term financing and agro-logistical services. As a result, they will gain better access to internal and external markets.