BAKU, Azerbaijan, October 15. The Islamic
Development Bank (IsDB) and the government of Uzbekistan have
signed a $202 million agreement to finance an agricultural
mechanization project aimed at expanding access to modern,
energy-efficient and climate-smart machinery on the sidelines of
the 2026 World Bank Group and International Monetary Fund annual
meetings in Bangkok on October 12-18.
This was reflected in the statement by IsDB, following a meeting
between IsDB Group Chairman Muhammad Al Jasser, accompanied by ITFC
CEO Adeeb Yousuf Al Aama, and Uzbekistan’s Deputy Prime Minister
and Minister of Economy and Finance, Djamshid Kuchkarov.
The project will be fully financed by the IsDB, with a total
cost of $202 million. It aims to increase agricultural
productivity, improve resource efficiency and promote inclusive
development across agricultural value chains by making modern
machinery more accessible.
During the meeting, the parties discussed ways to strengthen
their strategic partnership and expand cooperation across several
sectors.
The discussions covered transport, renewable energy, water
resource management, healthcare, Islamic finance, small and
medium-sized enterprise development, capacity building and trade
finance.
The proposed areas of cooperation are intended to support
Uzbekistan’s economic transformation, strengthen productive
capacity and promote sustainable economic growth.
The agricultural mechanization project is expected to help
farmers access modern equipment and improve the efficiency of
agricultural operations. The use of climate-smart machinery could
also support more efficient resource management as Uzbekistan works
to modernize its agricultural sector.
