$500 Million Boost for Uzbekistan's Development Goals

The OPEC Fund for International Development (OFID) and Uzbekistan have solidified their partnership with a new five-year framework agreement and a $20 million loan.Signed on May 3,2024,in Vienna,the agreement signifies a commitment by OFID to support Uzbekistan's ambitious development agenda through $500 million in fresh financing.

This partnership extension comes on the heels of a successful funding history between the two parties.OFID has already provided Uzbekistan with close to $760 million in loans,supporting nearly 30 projects across both the public and private sectors.Notably,30% of these sovereign funds have been directed towards improving the country's water and sanitation infrastructure,highlighting a key area of focus for Uzbekistan's development goals.

The newly signed $20 million loan specifically targets Uzbekistan's preschool education system.The funds will be used to establish 200 new preschools,aiming to increase access to early childhood education for nearly 30,000 children across the country.This initiative aligns with Uzbekistan's aspirations to become an upper-middle-income nation by 2030,as a well-educated population is a cornerstone of economic growth.

OFID's Director-General,Dr.Abdulhamid Alkhalifa,expressed his enthusiasm about the renewed partnership.He emphasized OFID's pride in supporting Uzbekistan's efforts towards achieving its development goals."We are confident that this new agreement will further strengthen our relationship with Uzbekistan and contribute significantly to the country's long-term development objectives," Dr.Alkhalifa remarked.

Uzbekistan's Deputy Prime Minister,Jamshid Kuchkarov,reciprocated the positive sentiments.He acknowledged OFID's longstanding role as a crucial development partner for Uzbekistan."This new framework agreement and loan signify OFID's continued trust in Uzbekistan's development trajectory," Mr.Kuchkarov said."We are grateful for OFID's support,which will undoubtedly play a vital role in propelling Uzbekistan forward on its path to becoming a prosperous and inclusive society."

The $500 million pledged by OFID represents a significant financial commitment towards Uzbekistan's development goals.These funds are expected to be directed towards various sectors,with a continued focus on areas like infrastructure development,education,and renewable energy.The partnership also underscores OFID's evolving role as a key player in supporting sustainable development initiatives across the globe.

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