BAKU, Azerbaijan, Asian Development Bank (ADB) has approved a $500 million loan to help promote food security, provide social protection for vulnerable groups, and support employment in Uzbekistan amid the COVID-19 pandemic the economic impacts of the Russia-Ukraine conflict, among other external shocks, a source at ADB told Trend.

“To improve the quality of life for people who live in secondary cities of Uzbekistan, last month ADB approved a $59 million loan and $500,000 within the Integrated Urban Development Project. It will support strategic investments in municipal infrastructure and services in the cities of Djizzak, Havast, Khiva, and Yangiyer, which have experienced lagging growth due to the COVID-19 pandemic and vulnerability to climate change,” the mission representative said.

According to the source, within the green development, ADB has approved a $150 million loan that will help expand green renovation loans in Uzbekistan while boosting the funding available to commercial lenders in the country to continue providing affordable home loans. In Uzbekistan, borrowers can use green renovation loans to refurbish or install heating and cooling systems, install solar panels, improve insulation water-improving energy efficiency.

“To help improve food and water security in Uzbekistan, in September ADB approved a $150 million loan and a $3 million grant. The project will deliver climate adaptive solutions to water resources management by modernizing irrigation and drainage in selected subprojects within the Amu Darya and Zarafshan River Basins in Uzbekistan,” the mission rep said.

Source: TREND News Agency