Mirziyoyev, who was re-elected with a landslide victory in October this year, made poverty reduction in the country one of the main targets of his reform policy.

Uzbekistan plans to ensure a 7.0 percent growth in GDP this year and the government has tasked itself to increase the volume of production in all sectors.

S&P said that several risks to the recovery remained relevant, including if pandemic consequences linger, persistent inflation and higher interest rates, a change in current commodity price trends, and geopolitical tensions.

The construction of new, high-efficiency gas power stations, which would replace older and less efficient assets, is an important modernization step that complements the early growth of renewable energy.

Uzbekistan’s second largest bank, Uzpromstroybank, also known as SQB (Sanoatqurilishbank), has signed loan agreements for a total of 160.7 million euros with major German banks.