Deputy Minister of Economy and Finance of the Republic of Uzbekistan Ilhom Norqulov held a meeting with a delegation headed by Jonas Rattfelder, Regional Director for Eastern Europe, Caucasus and Central Asia of the German Development Bank (KfW).
During the meeting, the prospects of cooperation between the two countries, in particular the development of partnerships in the economic sphere, were discussed. They also exchanged views on reforms aimed at the development of small and medium-sized enterprises (SMEs), their financial support and the creation of favorable financial conditions for them. The sides also discussed the processes of economic growth in the country, measures for agriculture and regional development, as well as developments in the capital and financial markets. According to the Ministry of Economy and Finance, Germany’s KfW Development Bank is one of the leading public development banks providing financing services for economic development and social and environmental sustainability. The Bank supports projects in developing countries in various areas such as energy, climate, water supply, education and health, and aims to contribute to the United Nations’ Sustainable Development Goals (SDGs). Within the framework of the meeting, an agreement was signed for the third phase of the project “Development of Micro, Small and Medium Enterprises”, which includes a loan of EUR 23.5 million and a grant of EUR 3 million. The project aims to ensure the sustainable development of SMEs in Uzbekistan, increase their access to financial resources and modern information, and contribute to economic growth and employment by strengthening their competitiveness. At the end of the meeting, the parties agreed to further develop bilateral cooperation, strengthen partnerships in the identified areas and expand the exchange of ideas.
