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Business & Economy UZB

Uzbekistan to launch a new solar plant with World Bank support

The World Bank has approved $3.5 million in financing for Uzbekistan in the form of a payment guarantee to support the country’s development of renewable energy. This support will secure the obligations of the state-owned National Electric Grid of Uzbekistan JSC to purchase electricity from a new 100-megawatt (MW) solar power plant to be constructed

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Business & Economy UZB

ADB to help enhance financial access for rural MSMEs in Uzbekistan

The Asian Development Bank (ADB) and Hamkorbank have signed a 625 billion Uzbek sum (equivalent to about $50 million) loan to enhance access to financing to rural micro, small, and medium-sized enterprises (MSMEs) in Uzbekistan. A majority of the loan will be allocated to support financial inclusion for MSMEs outside the capital of Tashkent. At

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Business & Economy TJK

World Bank supports Rogun hydropower project to improve access to sustainable electricity in Tajikistan and Central Asia

The World Bank has approved a $350 million International Development Association (IDA) grant as part of the first phase of a program to help Tajikistan finance the completion of the Rogun Hydropower Plant (HPP) Project. With a projected installed capacity of 3,780 Megawatts, the Rogun HPP will provide about 10 million people in Tajikistan with better

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Business & Economy TJK

World Bank to strengthen digital public infrastructure and digital skills in Tajikistan

The World Bank has approved a comprehensive project to enhance digital services and improve digital skills in Tajikistan, including dedicated interventions targeting rural areas. The initiative aims to improve the delivery of digitally-enabled public services and boost digital literacy, fostering a more inclusive and resilient economy. The Tajikistan Digital Foundations Project, with a total funding of

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Business & Economy KZ

Russian uranium stake in Kazakhstan sold to China amid Western sanctions risk

Russia’s state-owned atomic company Rosatom is selling its stakes in uranium deposits in Kazakhstan to Chinese-owned companies as the Central Asian nation looks to avoid any international sanctions against Russian-linked assets and a sign of China’s growing influence in the region, RFE/RL reported. Kazatomprom, the world’s largest producer of uranium, said Uranium One Group —

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Business & Economy UZB

Azerbaijani businessman Emin Agalarov to build a tourist center in Uzbekistan

Azerbaijani businessman Emin Agalarov and several other large investment companies plan to build an international tourist center, Sea Breeze Uzbekistan, on the shore of the Charvak reservoir in Bostanlyk district of Tashkent region. On December 16, Uzbekistan President Shavkat Mirziyoyev attended a presentation of the project. Bostanlyk is one of the most attractive tourism places

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Business & Economy KZ

World Bank report highlights measures to boost inclusive growth in Kazakhstan

A new World Bank report highlights Kazakhstan’s progress in reducing poverty and the challenges ahead for inclusive growth, stressing that the pace of poverty reduction has slowed in recent years despite significant advances since the early 2000s. According to the “Kazakhstan Poverty and Equity Assessment 2024” report, making fiscal policy more pro-poor, improving the quality of education, and strengthening

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Business & Economy KZ

New train launched between Astana and Borovoye resort in Kazakhstan

Kazakhstan’s national railways company, Kazakhstan Temir Zholy (KTZ), has launched a new electric train connecting the country’s capital, Astana, and Borovoye, one of the country’s most popular resorts. Borovoye is the commonly used Russian name of the Burabay National Park, located just 250 kilometers north of Astana and famous for its pine forests and beautiful

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Business & Economy KG

EDB to finance pre-feasibility study for construction of Suusamyr-Kokomeren HPP cascade in Kyrgyzstan

The Eurasian Development Bank (EDB), the Ministry of Economy and Commerce and the Ministry of Energy of the Kyrgyz Republic have signed a trilateral Memorandum of Cooperation on the Suusamyr-Kokomeren HPP Cascade Project. An essential factor in Kyrgyzstan’s economic development is increasing energy capacity by utilising the natural hydropower potential of its rivers. The construction

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Business & Economy Eurasia KG KZ TJK TKM UZB

The future of Islamic finance in Central Asia discussed

The Eurasian Development Bank (EDB), the Islamic Development Bank (IsDB) Institute, and the London Stock Exchange Group (LSEG), in the spirit of promoting Islamic Finance in Central Asia, have held a panel discussion, “Bridging the Capital Road: CIS & GCC,” as part of the Islamic Banking program at Abu Dhabi Finance Week (ADFW). This panel highlighted the transformative

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Business & Economy KZ

Investment attraction reviewed in Kazakhstan

On December 11, Kazakhstan Prime Minister Olzhas Bektenov held a meeting of the Board of Directors of JSC National Company Kazakh Invest to review the results of the company’s work and plans for further attraction of investments into the country’s economy. Chairman of the Board of NC Kazakh Invest JSC Yerzhan Yelekeyev reported that this

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Business & Economy KG KZ TJK

EDB forecasts high economic growth rates in its member states in 2025

The Eurasian Development Bank (EDB) has published its Macroeconomic Outlook, summarizing a preliminary overview of economic developments in the Bank’s six member states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan — in 2024, along with key macroeconomic projections for 2025, as well as for 2026 and 2027. EDB analysts estimate that GDP growth in

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Business & Economy KZ

EDB to invest in construction of modern logistics complex in Kazakhstan

The Eurasian Development Bank (EDB) and Eurasian Logistics Park LLP have signed a loan agreement for the construction of a Class A industrial and logistics complex in the Almaty region of Kazakhstan. The loan amounts to 16.6 billion tenge. The project provides for the construction of two modern warehouse buildings with a total area of 50

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Business & Economy KG

EDB to finance feasibility study for construction of highway in Kyrgyzstan

On December 5, the Eurasian Development Bank (EDB) and the Cabinet of Ministers of the Kyrgyz Republic signed an agreement on the provision of technical assistance for the Bishkek—Kuntuu—Belogorka—Suusamyr Highway Construction project. The technical assistance project includes the development of a preliminary feasibility study for the construction of an alternative highway that will connect Bishkek with

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Business & Economy KZ

EBRD and Canada provide €267 million financing for Kazakhstan’s power grid company

The European Bank for Reconstruction and Development (EBRD) says it is contributing to greater energy security in Kazakhstan and helping to improve the reliability of its power supply system by arranging €267 million in financing for the Kazakhstan Electricity Grid Operating Company (KEGOC). The financial package consists of a Bank loan of up to €252 million and a concessional

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Business & Economy KG

ADB financing to strengthen project implementation in Kyrgyzstan

The Asian Development Bank (ADB) has approved a $22.58 million small expenditure financing facility (SEFF) that will support activities to boost project readiness and make project implementation more efficient and sustainable in Kyrgyzstan. The financing includes a $13.36 million concessional loan and a $9.22 million grant from the Asian Development Fund. It will fund project preparatory

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Business & Economy UZB

Chinese company to build a solar power plant in Uzbekistan

On November 29, at the Uzbek Ministry of Investment, Industry and Trade, the Investment Agreement for the construction of a 300 MW solar power plant and a 75 MW energy storage system in the Karmana district of the Navoi region of Uzbekistan was signed.  The ceremony was attended by Laziz Kudratov, Minister of Investment, Industry

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Business & Economy UZB

Uzbekistan and Türkiye hold business forum, open industrial zone in Tashkent region

On November 28, an Uzbek-Turkish business forum was held in Tashkent as part of the visit of a delegation of Turkish business circles headed by Chairman of the Ostim united industrial zone Orhan Aydin. It was attended by Uzbek Deputy Minister of Investment, Industry and Trade Akram Aliyev and heads of more than 200 large

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Business & Economy KG

Kyrgyzstan to build two floating solar power plants at reservoir of Toktogul hydropower plant

Kyrgyzstan and German companies have signed an investment agreement on a project to build and operate two floating solar power plants on the surface of the reservoir of Kyrgyzstan’s largest Toktogul hydroelectric power plant. The agreement was signed on November 26 between the Kyrgyz Cabinet of Ministers and Sonnenenergie, a.s., AB Progressio GmbH, and LTI

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Business & Economy UZB

Foreign investment on the rise in Uzbekistan

On November 27, Uzbekistan President Shavkat Mirziyoyev chaired a meeting to discuss the current state of attracting foreign investment and plans for the next year. It was stated at the meeting that over the past 10 months, Uzbekistan has attracted more than $26 billion in foreign investment, a 1.7-fold increase compared to last year. These

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