Tashkent, Uzbekistan (UzDaily.com) -- After the adoption of the new Strategy of Uzbekistan in 2018, the EBRD signed 12 projects worth almost 400 million euros during 2018, which was a record for its business in this country.

The EBRD provided funds for implementation of relevant decisions in the field of municipal and energy infrastructure of the country. In accordance with the new agreements, the Bank provided long-term loans for six infrastructure projects with a total value of 333 million euros, which will contribute to the improvement of water supply and district heating in Tashkent, Khorezm and Namangan regions, as well as the transmission of electricity to Navoi region.

The Bank also signed the first project in Uzbekistan as part of the EBRD Comprehensive Cultural Heritage Mechanism, aimed at stimulating economic growth as part of developing infrastructure services to promote tourism and increase the number of visits to cultural heritage sites. A loan of 300,000 euros was provided to the hotel chain Malika Khiva, which intends to use the funds received to upgrade their hotels Malika Khiva, Malika Kheivak and Malika Khorezm.

The Bank also took part in the discussion of reforms in the energy sector, advising on legislation on public-private partnerships, consultations on transparency and commercialization of state-owned enterprises, and the creation of a “Foreign Investors Council” to support reforms in Uzbekistan.

The bank managed to solve serious economic problems in a number of countries, while maintaining the highest level of investment in general and reforms in 2018 in particular. It financed 395 projects for a total of 9.5 billion euros, which is very close to the 2017 record level of 9.7 billion euros. For 2019, the EBRD set ambitious goals to support the global agenda and development.

At their annual meeting in Jordan in May 2018, EBRD shareholders wished the Bank to act as part of a significant increase in capital to expand investment in various countries to achieve sustainable development goals that the international community pledged to implement by 2030.

In this connection, the EBRD provided a plan which provides that the Bank is expanding its zone of influence in the regions. EBRD President Sir Suma Chakrabarti told Bank staff this week that the EBRD will improve the quality and volume of its investments over the next two years. He expressed confidence that the Bank will achieve these ambitious goals.

At the Annual Meeting of 2019, which will take place in May in Sarajevo, shareholders will decide whether to consider the possibility of further expanding the Bank’s activities.

2018 was a year of further development of the EBRD, within which the international shareholder base, which covers five continents, was expanded. India has become the sixty-ninth member of the Bank, and San Marino has signed an agreement for a share.

Last year, the EBRD also continued to work on climate finance, directing 36 percent of its total investments in the green economy. The bank plans to allocate a 40% share of investments, having introduced it into the “green economy by 2020”.