Laziz Kudratov, Minister of Investment, Industry, and Trade of Uzbekistan, met with Andi Aranitasi, Head of the European Bank for Reconstruction and Development (EBRD) Representative Office in Uzbekistan, to discuss ongoing projects and future collaboration.
The meeting focused on projects implemented with EBRD’s participation and new initiatives aligned with the Uzbekistan 2030 strategy. Both sides reaffirmed their commitment to strengthening cooperation and expanding joint efforts.
A key proposal introduced during the discussion involves direct engagement between EBRD and major Uzbek entrepreneurs looking to scale their businesses in international markets. Aranitasy highlighted the importance of direct interactions with business leaders to identify investment opportunities and build long-term partnerships. He also expressed interest in involving EBRD representatives in upcoming visits to regional enterprises.
Another important topic was the upcoming session of the Foreign Investors Council (FIC) under the President of Uzbekistan. Kudratov emphasized the FIC’s role in fostering open dialogue between the government and international financial institutions. He welcomed EBRD’s active participation in the session and its potential contributions to improving Uzbekistan’s investment climate.
Both sides reaffirmed their readiness to deepen their strategic partnership and continue joint efforts to drive economic growth and attract foreign investment.
EBRD’s Impact on Uzbekistan’s Growth
The EBRD has been investing in Uzbekistan since 1992, making the country the largest recipient of its funding in Central Asia. With 173 projects and a cumulative investment of €5.49bn as of January 31, 2025, the bank supports sectors ranging from renewable energy to banking.
It operates through offices in Tashkent, Andijan, and Urgench. The EBRD also collaborates with the government on a long-term decarbonization plan aiming for a carbon-neutral power sector by 2050.
The EBRD's strategy for Uzbekistan focuses on supporting the country's reforms by expanding civil society, promoting media freedom, and fostering women's entrepreneurship. The Bank works to improve the investment climate through the Foreign Investors' Council and supports Uzbekistan’s green transition with investments aimed at achieving a carbon-neutral power sector by 2050. Uzbekistan also contributes to EBRD initiatives, with a €10mn donation in 2024 for infrastructure projects.
Economic growth in 2024 remains strong, driven by the services sector, with industrial production expanding rapidly. Inflation peaked at 10.6% in mid-2024 but decreased to 9.8% by December. The central bank aims for 5% inflation by 2026. Earlier, the EBRD forecasted that the economy would grow by 6% in both 2025 and 2026.
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