Authorities in Turkmenistan have begun confiscating the passports of individuals trying to leave the country if they have outstanding bank loans, RFE/RL’s Turkmen Service reported. The move is seen as a major blow to many who are migrant workers heading abroad to earn badly needed cash to send home. RFE/RL’s Turkmen Service reports that authorities
The Kazakh-Slovak business forum was held in Astana on October 4 within the framework of the 10th Intergovernmental Commission on Economic Cooperation meeting. The event was organized with the support of JSC NC Kazakh Invest and the Slovak Investment and Trade Development Agency SARIO and brought together more than 80 representatives of leading Kazakh and
The World Bank’s Board of Executive Directors has approved a financial package of $800 million in highly concessional loans to support the Uzbek government’s structural reform program, which aims to improve Uzbekistan’s business environment, boost efficiency in agriculture, railways, and energy sectors, enhance public finance management, expand social protection services, and strengthen the country’s preparedness for
The European Union and Turkmenistan held a high-level event on October 3 in Ashgabat that launched the Coordination Platform of the Trans-Caspian Transport Corridor. This Corridor aims to strengthen connectivity by developing transport routes between Central Asia and the European Union. The event brought together the European Union, representatives of the countries along the Trans
The Asian Development Bank (ADB) has raised its growth forecast for Uzbekistan for 2024 and 2025 after economic growth in the first half of 2024 outpaced expectations due to higher investment and strong expansion in industry. This was presented on 3 October by ADB Regional Lead Economist for the Central and West Asia Department Kiyoshi
IFC, a member of the World Bank Group, says it has signed an agreement with Ipak Yuli Bank to provide a syndicated loan of up to $42 million, aimed at increasing access to financing for smaller businesses and women entrepreneurs across Uzbekistan. With 25 percent of the funding earmarked for women-run businesses, this initiative is
The World Intellectual Property Organization (WIPO) has officially launched the Global Innovation Index (GII) 2024. The event brought together leading experts and researchers and government representatives from around the world to discuss the key findings of the index and its implications for driving innovative development. This year, Kazakhstan took 78th place among 133 countries of
An Uzbek-Indian business forum was held in Tashkent on September 27 under the co-chairmanship of Deputy Prime Minister of Uzbekistan Jamshid Khojayev and Minister of Finance and Corporate Affairs of India Nirmala Sitharaman. The forum was also attended by Deputy Minister of Investment, Industry and Trade of Uzbekistan Shokhrukh Gulamov, as well as about 100
As of 30 September 2024, the “Work in the EAEU” mobile app, developed by the Eurasian Development Bank’s (EDB) Fund for Digital Initiatives, has launched public and commercial services for migrant workers in Tajikistan. This enables individuals seeking employment in Tajikistan to access the necessary services directly from their smartphones. The app now offers services
The Asian Infrastructure Investment Bank (AIIB) says it further solidified its long-standing partnership with Uzbekistan through a series of agreements signed at the Bank’s 9th Annual Meeting in Samarkand on September 25-26. The agreements follow the signing of a three-year rolling pipeline for sovereign-backed financed projects by Uzbekistan President Shavkat Mirziyoyev and AIIB President Jin Liqun in Beijing. This
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for the Kyrgyz Republic, defining the Bank’s priorities in the country until 2029, the Bank has announced. The strategic approach to operations in the country will be based on the following three pillars: Support for private sector competitiveness and
Nikolai Podguzov, Chairman of the Management Board at the Eurasian Development Bank (EDB), spoke at the Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) in Samarkand on September 26 during the session titled New Uzbekistan – Big Country with Big Opportunities. The session was attended by Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade,
Companies and households in Tajikistan will have better access to green technologies and climate adaptation measures thanks to a new financing program approved by the European Bank for Reconstruction and Development (EBRD) for one of the country’s leading banks, the First Microfinance Bank (FMFB), which operates a nationwide network of 7 branches and 40 banking service centres in all
The Asian Development Bank (ADB) has marginally revised downwards its economic growth outlook for Kazakhstan in 2024, following weaker expansion in services in the first half of the year coupled with lower oil outputs, massive floods, and a slowdown in investment. The Asian Development Outlook (ADO) September 2024, the latest edition of ADB’s flagship publication, projects
The United Nations Development Programme (UNDP) and the British Embassy in Turkmenistan are partnering to promote sustainable economic growth by supporting the development of the creative and innovative economy. This new initiative aims to diversify Turkmenistan’s economy, empower women and youth, and enhance global competitiveness, UNDP Turkmenistan reported. The purpose of the project is
More than 50 entrepreneurs from Kyrgyzstan are receiving a unique opportunity to learn about e-commerce through the “Janyration Sanarip” programme. This initiative, aimed at supporting micro, small, and medium-sized enterprises in the country, is being implemented through the efforts of the Government of the Kyrgyz Republic and the United Nations Development Programme (UNDP), UNDP Kyrgyzstan
On September 23 in New York, Deputy Prime Minister – Minister of Foreign Affairs of Kazakhstan Murat Nurtleu held a number of meetings with representatives of leading American companies to discuss the development of further long-term and mutually beneficial partnerships. During discussions with the leadership of PepsiCo, special attention was given to the development of
The Asian Infrastructure Investment Bank (AIIB) has announced the program for its Ninth Annual Meeting of the Board of Governors, to take place on September 25-26 in Samarkand, Uzbekistan. The AIIB is a multilateral development bank whose mission is financing infrastructure in Asia and beyond. The Bank began operations in Beijing in 2016 and has
Ahead of the Asian Infrastructure Investment Bank’s (AIIB) Ninth Annual Meeting of the Board of Governors in Uzbekistan, AIIB and the Government of Kazakhstan have committed to expand and strengthen cooperation to promote sustainable infrastructure development in Kazakhstan. On September 19 in Astana, Nurlan Baibazarov, Deputy Prime Minister and Minister of National Economy of Kazakhstan, who also
The Asian Development Bank (ADB) on 19 September approved a $300 million sector development program to support the Government of Uzbekistan’s efforts to expand access to finance for unbanked and underbanked microenterprises, fostering sustainable and inclusive growth in the country. “An inclusive and sustainable microfinance sector is essential to support micro and small businesses which
