Arab Foundations to Grant Uzbekistan $480 Mln

MOSCOW, December 7 (RIA Novosti) – Arab financial institutions are to grant the Uzbekistan government $480.9 million in loans between 2013 and 2017, the country’s economic development and trade ministry said on Friday.

The Uzbekistan government has approved a list of 15 investment projects worth a total of $582.5 million to be funded via the Arab Coordination Group (ACG).

These include public healthcare and university development programs, the use of alternative sources of energy in secondary schools, reconstruction of sewage systems and improvement of water supply, and road-building programs.

The credit agreement was reached in early November at an ACG meeting in Tashkent.

The ACG includes the Islamic Bank for Development and a number of Arab financial institutions including the Saudi Development Fund, the Abu-Dhabi Development Fund, the OPEC International Development Fund, and the Kuwait Fund for Arab Economic Development.


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