TASHKENT

Uzbekistan has signed with foreign partners more than 50 agreements worth $6.6 billion in privatization, public private partnership and foreign credit line deals during a two-day economic forum with a task to accelerate the country’s reforms and privatisation programme initiated by President Shavkat Mirziyoyev.

According to the country’s Finance Minister Timur Ishmetov, agreements included $600 million in privatisation deals, $2.6 billion in public private partnerships and $3.4 billion in foreign credit lines.

The forum, the first since Central Asia’s populous nation has been opened up to the world and launched economic reforms five years ago, has identified priority areas and tasks for the next phase of reforms and a privatisation programme that aims to put more than 50 percent of the economy into private hands to support the country’s sustainable and inclusive growth. The resource-rich country has also scrapped monetary and other administrative burdens for business.

According to officials, the forum was attended by more than 1,200 leaders from international financial institutions and the private sector from around the world.

“Uzbekistan has done in five years what many countries take decades to do,” Anna Bjerde, the World Bank’s Vice President for Europe and Central Asia, said after the event, calling on the government to double down on their commitment to raising living standards and create jobs.

Uzbekistan’s Deputy Prime Minister Jamshid Kuchkarov has emphasized that the reforms in the country are irreversible. He also announced that the country may sell a 10-15 percent in Navoi Mining and Metallurgical Combine (NMMC), one of the world’s largest uranium and gold producers, through an initial public offering in 2024.

During the forum, NMMC and the Russian lender, VTB, have signed an agreement on a $1 billion credit line. Kuchkarov said that the deal was possible due to the large-scale transformation of the mining sector and the Navoi plant specifically launched in 2018. The transformation of the company is expected to be completed by the end of 2021.

Another significant deal was the state-owned oil and gas company Uzbekneftegaz’s financial support agreements with Deutsche Bank, Landesbank Baden-Württemberg, and Landesbank Hessen-Thüringen Girozentrale (Helaba) to expand the production capacity of the Shurtan Gas Chemical Complex.

The cooperation agreements relate to 1.1 billion euros of capital to finance the expansion of the Shurtan Gas Chemical Complex’s production capacity. The agreements were signed with Deutsche Bank for 500 million euros, Landesbank Baden-Württemberg – for 300 million euros and Landesbank Hessen-Thüringen Girozentrale (Helaba) – also for 300 million euros.