October 28, 18:40UzDaily

Uzbekistan and Asian Development Bank Discuss Insolvency System Reforms

Uzbekistan and the Asian Development Bank (ADB) reached an agreement on identifying areas of cooperation to improve the country's insolvency system.

The discussion took place on October 28, 2026, in Tashkent between the Deputy Minister of Justice of Uzbekistan, N. Mukhammadiyev, Director of the Agency for Insolvency Affairs, and representatives of the ADB.

The parties reviewed the results of the diagnostic study of Uzbekistan's insolvency system, the main problems identified during the assessment, as well as the necessary measures for the next stage of work.

Particular attention was paid to integrating the findings and recommendations of international and foreign experts into the process of developing and improving legislation regulating insolvency issues.

Following the meeting, the parties agreed to prepare a joint action plan that will define priority areas for further interaction with the ADB, specific steps, and their implementation timelines.

It is expected that this plan will help organize further efforts to develop Uzbekistan's insolvency system in accordance with international standards and expert conclusions. This meeting marked another stage in the partnership between Uzbekistan and the ADB to improve the legal framework and develop insolvency regulation mechanisms.

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uzdaily.uzOctober 17, 11:45

Uzbekistan and EBRD discussed privatization, business support, and public-private partnerships

Uzbekistan and the European Bank for Reconstruction and Development (EBRD) held discussions on the issues of privatizing state enterprises and banks, expanding financing for small and medium-sized businesses, and developing public-private partnership mechanisms.

These topics were addressed on October 15, 2026, in Bangkok during a meeting between Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, and Odil Raina-Basso, President of the EBRD.

The negotiations took place concurrently with the annual meetings of the International Monetary Fund and the World Bank, as reported by the Information Service and Communications Department of the Ministry of Economy and Finance of Uzbekistan.

Greg Guyett, First Vice President of the EBRD, Matteo Patrone, Vice President of the bank, Nodirbek Ochilov, Deputy Chairman of the Central Bank of Uzbekistan, Jasur Karshibayev, Advisor to the Minister of Economy and Finance, and other representatives also participated in the discussion.

Participants reviewed Uzbekistan's macroeconomic trends, progress in economic reforms, and priorities for future cooperation.

Special attention was paid to the transformation and privatization of state banks and enterprises, as well as the institutional changes necessary to support these processes. The parties also studied ways to improve mechanisms for supporting small and medium-sized businesses and increasing their access to financing.

Furthermore, the financial contribution to the mortgage market and the development of public-private partnership mechanisms were discussed. The agenda also included the topic of expanding cooperation in the energy and transport sectors.

Following the meetings, the parties agreed to develop mutually beneficial cooperation and continue exchanging views on the issues raised. The Ministry did not specify any new projects, funding amounts, or implementation timelines.

uzdaily.uzOctober 15, 15:40

Asian Development Bank provides Uzbekistan with $200 million loan for power grid modernization

The Asian Development Bank (ADB) and Uzbekistan have signed a loan agreement worth 200 million US dollars to upgrade the country's electricity distribution systems. These funds will be used to improve infrastructure, reduce power losses, and increase the reliability of energy supply amid growing demand.

The agreement was signed in Bangkok on October 15 between ADB President Masato Kanda and Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, Jamshid Kuchkarov.

Modernization Program Details

The program includes the modernization of 60 key distribution substations across the country, as well as the implementation of digital management systems. These infrastructure improvements are expected to help reduce power losses, decrease transformer overload, and enhance the stability of energy supply to households, businesses, and state institutions.

According to ADB data, this program will also create conditions for connecting at least 3.3 GW of new renewable energy capacity. It is projected that greenhouse gas emissions will decrease by nearly 23,000 tons of carbon dioxide equivalent annually.

The need for modernization is driven by economic growth, urbanization, and increased electricity consumption. Outdated equipment and overloaded networks hinder reliable energy supply and the connection of new RES facilities.

Strengthening Operational Capabilities

In addition to equipment replacement, the program will strengthen the operational capabilities of the National Electric Grid of Uzbekistan JSC, improve financial control and management, and enhance personnel qualifications. Special attention will be paid to staff training and increasing the participation of women in the energy sector.

This project marks the first ADB initiative in Uzbekistan's energy sector implemented under the ADB-World Bank Framework of Mutual Trust (FMRF). It will also be the first results-based financing program in the country's energy sector.

ADB is the lead lender for the project. Later in October, the World Bank plans to present a proposal for additional financing of 100 million US dollars to the Executive Directors Board.

The new program continues ADB's long-standing support for Uzbekistan's energy sector. Since 2010, the bank has provided the country with over $3.4 billion in financing and guarantees for this sector.

The project aligns with Uzbekistan's strategy until 2030 for developing renewable energy and improving energy efficiency, as well as ADB's partnership strategy with Uzbekistan for the period 2024–2028.