Tashkent, Uzbekistan (UzDaily.com) -- On 23 September 2019, a delegation of the European Investment Bank(EIB) headed by Vice President of EIB Vasil Hudak met with the executives of the Ministry of Finance to discuss further cooperation in modernization of industries, the provision of technical assistance, as well as technological updates relevant sectors.

In the duration of the meeting, the Vice president of EIB Mr. Vasil Hudak introduced to the Ministry the projects they are realizing in cooperation in Uzbekistan. The main focus of their projects is the development of sectors of energy, transport and communication in an eco-friendly way, creation of energy efficient solutions.

Note: European Bank Investment is a state financial credit institution of the European Union established in 1958. EBI finances the development of the backward European regions in the form of long-term loans. The authorized capital is formed by contributions of the member countries and exceeds 232 billion euros. Uzbekistan is the fourth Central Asian state to cooperate with the EIB, along with Kazakhstan, Kyrgyzstan and Tajikistan.

Currently there are several projects that EIB in cooperation with Uzbek side are realizing in Uzbekistan such as the energy efficiency project (work via local banks and public companies to improve energy efficiency), provision of technical assistance for water in the households, Aral Sea rehabilitation and the project aimed at improving distinct heating and waste management. These are the key projects that EIB aids to realize in Uzbekistan.

The reforms that are being taken and the importance of effective realization of these reforms for the society were emphasized. The development of the capital markets is the priority and intensive cooperation with international financial institutions in the last 3 years is the reflection of the efforts that have been taken so far. It was suggested that the cooperation with EIB in energy, transport and communications sectors should be deepened.

At the end of the meeting the parties agreed on further discussions of the financial as well as technical assistance that European Investment Bank can provide in different sectors to Uzbekistan.