TASHKENT — In a significant meeting aimed at bolstering Uzbekistan’s economic framework, the country’s Deputy Prime Minister and Minister of Economy and Finance, Jamshid Kuchkarov, engaged with a World Bank delegation to explore the implementation of new alternative finance instruments. According to Trend News Agency, the discussions were led by Tatiana Proskuryakova, the World Bank’s Regional Director for Central Asia, focusing on enhancing economic cooperation and introducing innovative financing mechanisms in the nation.

The dialogue between Uzbekistan and the World Bank not only addressed upcoming collaborative ventures but also tackled current challenges in the water and energy sectors. Both parties expressed satisfaction with the progress in their cooperation, which has led to an increase in both the quantity and quality of joint economic projects. Additionally, the meeting highlighted successful development of new financing strategies that could support regional growth.

During this session, the World Bank also confirmed the delivery of a $7.5 million initial tranche for the innovative carbon resources for energy reforms project (iCRAFT) in Uzbekistan. This marks the commencement of iCRAFT as a pioneering global effort steered by the World Bank to facilitate energy sector reforms in Uzbekistan, showcasing a significant step towards sustainable economic development.