EBRD invests record $1 bln in Uzbekistan in 2025
TASHKENT. Feb 2 (Interfax) - Uzbekistan was the leading recipient of European Bank for Reconstruction and Development funding in 2025 for the sixth year running with more than $1 billion, the EBRD office in Uzbekistan said in a press release.
This is the most the bank has invested in Uzbekistan, more even than the $960 million it committed in 2024.
More than 45% of the EBRD's investment in Uzbekistan last year was in infrastructure, 39% in local bank financing to support small and medium-sized businesses, women and young entrepreneurs, as well as projects to improve climate resilience and resource efficiency and 16% in support for private manufacturers and service providers.
Some 84% of funds were allocated to support private entrepreneurship. Almost 60% of EBRD investments supported green economy projects.
The EBRD supported Central Asia's largest solar power project, which is construction of a 1 GW photovoltaic plant and a 1,336 GWh battery energy storage system, delivered jointly by Uzbekistan and Saudi Arabia's ACWA Power.
The bank also funded the construction and commissioning of a 300 MW solar power plant and a 75 MWh battery energy storage system in the Kashkadarya region. The project is owned and being delivered by Masdar, a UAE-based renewable energy company.
Deals with Hamkorbank, Ipak Yuli Bank and Universalbank aim to improve access to finance for micro, small, and medium-sized businesses owned or managed by women and young entrepreneurs. The funds will also be used for investments and to increase climate resilience.
A national currency loan for Mortgage Refinancing Company of Uzbekistan will enable the latter to secure a steady flow of medium-term local-currency funding, thereby supporting the development of a residential mortgage market in Uzbekistan. In addition, seven risk-sharing deals, under which the EBRD assumed up to 50% of the credit risks of partner banks, are designed to unlock the growth potential of Uzbek companies.
Support was provided to manufacturing and trading companies throughout Uzbekistan, including copper cable and wire manufacturer Artikul Aziya Kabel JV LLC, copper pipe manufacturer MaxCopper, major privately owned metalwork manufacturer V.L. Galperin Tashkent Pipe Plant JV LLC, Techno Cable Group JV LLC, Angren Group, pharmaceutical distributor Meros Pharm, consumer electronics retailer Texnomart, agricultural exporter Global Export Company and nonalcoholic beverages manufacturer UzCarlsberg.
The bank has invested almost $6.8 billion in Uzbekistan to date across 204 projects.
Uzbekistan joined the EBRD in 1992. However, by 2009 relations between the parties were virtually frozen. At that time, the bank announced its refusal to lend to the Uzbek government in response to the slow pace of market reforms. Cooperation was resumed in 2017 with the election of Shavkat Mirziyoyev as Uzbek president.
