The Islamic Development Bank (IsDB) and the Government of Uzbekistan signed an agreement for a $202 million project aimed at developing agricultural mechanization.
The entire project will be financed by the IsDB. The agreement was signed in Bangkok on October 15, 2026, during the annual meetings of the World Bank Group and the International Monetary Fund.
The agreement resulted from a meeting between the Chairman of the IsDB Group, Muhammad Al Jasser, the CEO of the International Trade and Finance Corporation (ITFC), Adib Yusuf Al Aama, and the Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, Jamshid Kuchkarov.
The goal of this project is to expand access to modern agricultural machinery, which is highly efficient and adapted to local climatic conditions. It is expected that the project's implementation will increase agricultural productivity, improve resource utilization, and support the development of value chains in agriculture.
In addition to the signed agreement, participants discussed further areas of cooperation between Uzbekistan and the IsDB Group. Priority areas include transport, renewable energy, water resource management, healthcare, Islamic finance, support for small and medium-sized enterprises, human capital development, and trade finance.
The parties examined opportunities to expand joint efforts in these sectors to support Uzbekistan's economic transformation and promote sustainable growth. The Chairman of the IsDB Group, Muhammad Al Jasser, confirmed the bank's readiness to maintain close cooperation with the Government of Uzbekistan. This partnership is intended to contribute to Uzbekistan's long-term development priorities and advance inclusive and sustainable economic growth.