Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan approved measures to implement the project "Financing the sustainable development of the livestock sector" with the participation of the French Development Agency (Agence Française de Développement, AFD).

The President of Uzbekistan signed a resolution “On measures to implement the project “Financing the sustainable development of the livestock sector” with the participation of the French Development Agency.”

The document says that on 28 June 2021, Uzbekistan and the AFD signed an agreement to allocate a loan in the amount of 100 million euros for a period of 15 years, including a grace period of 4 years at a rate of 6 months EURIBOR + 1% per annum to finance the project “Financing the sustainable development of the animal husbandry".

The total cost of the Livestock Sustainability Financing project is 147.07 million euros. The project participants will invest 29.96 million euros. Uzbekistan’s contribution will amount to 17.1 million euros in the form of tax and customs payments.

The President provided customs and tax benefits as part of the project.

The project will initially be implemented in Karakalpakstan, Tashkent, Jizzakh, Syrdarya, Kashkadarya, Samarkand and Bukhara regions. After financing 50% of the envisaged measures, the project will be implemented in all regions of Uzbekistan. The project will be implemented in 2022-2026.

In order to compensate for possible risks associated with servicing a loan attracted under the project, as part of the on-lending of this loan, the margin of Uzbekistan will be 0.5%.