Meeting with representatives of the Asian Development Bank

22/04/2021 - 12:43 415

At the Ministry of Economic Development and Poverty Reduction, First Deputy Minister Ilhom Norkulov met with experts from the Asian Development Bank headed by Cindy Malvicini, Head of the ADB Office in Uzbekistan. The topic of discussion was the Program for the Development of Small and Medium Enterprises, which provides for the allocation of a loan and a grant for technical assistance.

 The meeting was also attended by the project manager and senior specialist in the financial sector of ADB Priyanka Sud, the director of the State Fund for the Support of Entrepreneurship Abboskhon Makhamatov, and others.

 The Asian Development Bank is currently supporting Uzbekistan in identifying and implementing reforms aimed at improving the ecosystem of small and medium-sized enterprises (SMEs) to help diversify the economy and create value-added jobs. These reforms are being prepared as part of the proposed Small and Medium Enterprise Development Program, which is scheduled for approval in 2021.

During the meeting, ADB representatives provided information on the preparation of the program and the allocation of a loan to implement the necessary measures. It was noted that the initiative aims to support the government's efforts to expand the private sector and an overall strategy for economic development. Creating a favorable environment for the development of SMEs, turning them into a key pillar of economic diversification will lead to the creation of jobs with high added value, a reduction in the informal sector of the economy, and regional imbalances.

The participants considered the ways of implementing the program and possible prospects. Following the meeting, the parties agreed to hold videoconferences in upcoming days for further discussions.

Information service

Ministry of Economic Development and Poverty Reduction