Tashkent, Uzbekistan (UzDaily.com) -- On 12 December, the Ministry of Finance hosted a signing ceremony of a loan agreement for 150 million euros between the Republic of Uzbekistan and the French Development Agency.

The document was inked within the framework of the draft resolution of the President of the Republic of Uzbekistan “On measures to implement the project “Economic Management Improvement Program with the participation of the French Development Agency”.

The agreement is aimed at implementing the measures outlined in the Decree of the President of the Republic of Uzbekistan “On the Strategy for Action on the Further Development of the Republic of Uzbekistan” from 7 February 2017.

To support the implementation of this strategy, the board of directors of French development agency has approved the granting of a soft loan to our country with a maturity of 20 years, including a six-year grace period.

The project will provide additional sources of budget funding for state programs to create jobs and develop the social infrastructure of the regions.

The project was developed with the assistance of the Asian Development Bank. The loan is provided within the framework of the ADB’s policy to ensure the transparency of macroeconomic data, strengthen fiscal and financial management, improve management at state-owned enterprises, and strengthen private sector participation in government programs.