Lars Thunell, IFC Executive Vice President and CEO, and Rustam Azimov, Uzbekistan’s First Deputy Prime Minister and Minister of Finance, today signed a cooperation agreement to introduce a screening mechanism for policy proposals in Uzbekistan during the 2008-2010 period. This will help the government build its capacity to review regulations and incorporate regulatory review into its daily operations.

"We look forward to helping the government introduce a system to assess the impact of regulations affecting businesses," Thunell said. "We will build on IFC’s extensive experience in implementing business environment reforms in the region to improve the quality of regulation and ensure the sustainability of reforms in Uzbekistan."

Since 1994, IFC has invested US$55 million in 14 projects in Uzbekistan’s food processing, construction materials, banking, and leasing industries. IFC’s current investment portfolio is worth about US$6 million, most of which is invested in Asaka Bank, ABN AMRO Bank NB Uzbekistan, Hamkor Bank, Parvina Bank, and Uzbek Leasing International.

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed US$8.2 billion and mobilized an additional US$3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.