Uzbekistan will move a step closer to reducing its dependence on fossil fuels by securing financing for one of the first private-sector renewable energy projects in the country, a 100-megawatt solar power plant near the ancient Silk Road city of Samarkand.

The Central Asian country is making efforts to improve its business and investment climate after more than two decades of economic isolation.

Uzbekistan and Saudi Arabia's ACWA Power signed an agreement to build a 1,500 MW wind farm in the country’s northwestern Karakalpakstan republic, which is expected to become the largest in Central Asia, the Energy Ministry said.

Banks in Uzbekistan reported a net profit of 1.473 trillion soums ($140 million) in the first quarter of 2021, 81 billion soums up from the same period last year, the Central Bank said.