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 homes in Yenokavan, 140 km north of Yerevan, are modest, generally two-story dwellings of Tufa rock – a dense material formed by ancient volcanoes with a characteristic pinkish hue. Many families have their own cow sheds.

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.