Tashkent, Uzbekistan (UzDaily.com) -- A delegation of the International Finance Corporation (IFC) and the World Bank, led by Georgina Baker, IFC Vice-President for Latin America and the Caribbean, Europe and Central Asia, met with clients of IFC, the Government and the Central Bank of the Republic of Uzbekistan, as well as development partners during the visit to Uzbekistan on 18-20 February 2019.

During the meetings, issues of deepening cooperation and further measures aimed at facilitating the process of economic transformation of Uzbekistan and increasing investment flows into the country were discussed.

Together with the World Bank, IFC will continue to support private sector development through investment and advisory projects to increase private sector participation in the economy, increase access to finance, improve the investment climate, implement PPP projects (public-private partnerships), and promote sustainable business development.

The Vice President also took part in presentation of the World Bank Group’s Report “Diagnosing the Private Sector of Uzbekistan”, which includes a current analysis of the prospects and difficulties in the development of the private sector in the country, as well as identifying promising sectors of the economy that have significant potential for investment and acceleration of economic growth. development of the country.

“Systemic reforms, improving infrastructure and strengthening the role of the private sector in combination with rich natural resources and favorable climatic conditions and a strategic location at the crossroads of Europe and Asia will help Uzbekistan become a regional center for trade and investment,” Ms. Baker said during the presentation of the report in Tashkent on 18 February.

In addition, it was noted that over the past five months, after the report was initially submitted to the Government of Uzbekistan in September 2018, a number of reforms were implemented in the country, including the abolition of export controls, tax reform, and the removal of visa requirements for 45 countries, the creation of a new agency on public-private partnership, the downsizing of Uzbekistan Airways and much more. These reforms, like all previous ones, will help Uzbekistan to fully realize its potential and ensure sustainable economic growth.