The European Investment Bank (EIB) can provide the first loans for a total sum of US$500 million to Uzbekistan, the Uzbekistan 24 television channel reported.
EIB Vice President Vazil Hudák said that the bank is ready to start its activities in Uzbekistan through the provision of framework loans.
According to him, the EIB is ready to provide funds for US$500 million to Uzbekistan. It is expected that the EIB will finace projects on water resources management, heat supply, energy efficiency and agrarian sector.
On 13 October 2017, Uzbekistan and the EIB signed this framework agreement in Washington (USA).
The Framework Agreement establishes the legal framework for carrying out the EIB activities in the Republic of Uzbekistan.
The document will allow using the EIB financial instruments to implement major socially significant projects in Uzbekistan and will serve further development of financial and technical cooperation between Uzbekistan and the European Union.
On 4 January 2018, President of Uzbekistan Shavkat Mirziyoyev approved a framework agreement between Uzbekistan and the European Investment Bank (EIB) on the activities of the bank in Uzbekistan.
The head of Uzbekistan defined the State Committee for Investments as the responsible body for cooperation with the EIB and implementation of this international treaty.
