The country's first socially transformative investment fund will be created with an initial endowment of $100 million with a further increase to $500 million.

According to S&P analysts, the key factors supporting Kazakhstan's rating are robust fiscal and external reserves.

The ADB officials, who visited the country, praised the current reforms and said that Uzbekistan had ample opportunities to expand the presence of the private sector in various industries.

The list of planned projects includes the construction of plants producing 430,000 tonnes of polyethylene terephthalate per year worth $1 billion, 130,000 tonnes of methanol worth $200 million, 800,000 tonnes worth $1.8 billion, 1.250 million tonnes of polyethylene worth $ 7.6 billion and 280,000 tonnes of base oils $860 million.

The 100 megawatts photovoltaic station in the Karmana district of the central Navoi region is designed to produce enough power for 31,000 households and save 160,000 tonnes of CO2 emissions annually.

The resource-rich ex-Soviet country is now scheduled to produce 640,000 bpd from the next month.