World Bank lends $40 million to Uzbekistan for agricultural support

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Sept. 12, 2012, 5:09 p.m. | Russia and former Soviet Union — by Interfax-Ukraine

The $40 million loan will be spent to support Uzbekistan's agriculture sphere.

Tashkent - The World Bank's board of directors on Tuesday approved the allocation of a $40-million International Development Agency (IDA) credit to Uzbekistan in the form of additional financing for the Uzbekistan Second Rural Enterprise Support Project, the bank said in a statement. 

"The Additional Credit will provide funds through participating financial institutions to finance farmers' investment and working capital needs," it said.

"The Project will assist farmers to increase the productivity, financial and environmental sustainability, and the profitability of agricultural business," the World Bank reported.

The World Bank provided Uzbekistan with a $36-million credit to support rural enterprises in 2001. In 2008 it allocated another $67.96 million to meet the same goals under the project's second phase.

Uzbekistan joined the World Bank in 1992. As a whole since 1995, the bank has extended $1.46 billion in credits and loans to the country to implement projects dealing with privatization, financial sector development, agricultural modernization, electricity, social infrastructure improvement, health care and education.

According to the World Bank's confirmed partnership strategy with Uzbekistan, in 2012-2015 it intends to render financial assistance to the country for the implementation of 15 investment projects in energy, transport, melioration, petrochemicals, the textile industry, the processing of agricultural products and qualitative improvements in medical services, worth a total of $1.3 billion.

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