BAKU, Azerbaijan, October 16. Uzbekistan and
the Islamic Development Bank (IsDB) have signed an agreement for an
agricultural mechanization project aimed at expanding farmers’
access to modern, efficient and climate-smart machinery, during a
meeting on October 15 in Bangkok.
This was reflected in the statement by the Uzbekistan Ministry
of Economy and Finance, following a meeting between Uzbekistan’s
Deputy Prime Minister and Minister of Economy and Finance Jamshid
Kuchkarov and IsDB President Muhammad Al Jasser, on the sidelines
of the annual meetings of the International Monetary Fund (IMF) and
the World Bank.
The discussions focused on priority areas for cooperation,
support for Uzbekistan’s ongoing economic reforms, the development
of key economic sectors and opportunities to advance joint
projects.
Particular attention was given to modernizing agriculture and
expanding access to modern agricultural machinery and equipment.
The parties also discussed potential projects involving irrigation
systems, road infrastructure, rural development, mortgage market
financing and agricultural lending.
The Agricultural Mechanization Development Project is designed
to increase agricultural productivity, improve resource efficiency
and support the development of agricultural value chains through
greater access to modern machinery.
Moreover, the talks covered support for small and medium-sized
enterprises (SMEs), the development of Islamic finance instruments
and opportunities to expand their use in Uzbekistan’s financial
sector. The parties discussed financing mechanisms such as Murabaha
and Ijarah.
The meeting was attended by IsDB Vice President for Operations
Rami Ahmad, Deputy Chairman of the Central Bank of Uzbekistan
Nodirbek Ochilov, Adviser to the Minister of Economy and Finance
Jasur Karshibayev and other officials.
The parties agreed to strengthen cooperation and continue
working on the initiatives discussed during the meeting.
