OPEC Fund allocates USD500M to Uzbekistan's sustainable development agenda

(MENAFN) In a significant move towards bolstering Uzbekistan's sustainable development goals, the OPEC Fund for International Development (OPEC Fund) has finalized a five-year partnership framework agreement with the government of Uzbekistan, spanning the period from 2024 to 2029. This collaborative endeavor entails the allocation of fresh financing amounting to USD500 million, aimed at supporting Uzbekistan's ambitious agenda for sustainable development. The agreement, which underscores the commitment of both parties to fostering socio-economic progress, marks a milestone in the longstanding partnership between the OPEC Fund and Uzbekistan.

The announcement, emanating from the headquarters of the OPEC Fund in Vienna, Austria, also included the provision of a new loan totaling USD20 million to the government of Uzbekistan. This financing will specifically support the implementation of the pre-school education project, benefiting approximately 30,000 children across Uzbekistan. Abdul Hamid Al-Khalifa, Director General of the OPEC Fund, expressed his satisfaction at the deepening collaboration with Uzbekistan and reiterated the Fund's readiness to contribute to key sectors of the economy. He further underscored the OPEC Fund's pride in aligning with Uzbekistan's ambitious vision to ascend to an upper middle-income status by 2030.

The partnership between the OPEC Fund and Uzbekistan spans over 25 years, during which the Fund has provided support for approximately 30 projects across various sectors, totaling USD760 million in the form of loans. Notably, 30 percent of the sovereign financing facilitated by the OPEC Fund has been directed towards initiatives aimed at enhancing access to clean drinking water and sanitation facilities, reflecting a commitment to addressing fundamental socio-economic needs. Additionally, the Fund's engagements with the private sector have been instrumental in driving transformations in the energy sector, with a focus on promoting renewable energy initiatives.

This comprehensive partnership underscores the OPEC Fund's steadfast commitment to advancing sustainable development objectives in Uzbekistan, while also fostering economic growth and enhancing the well-being of its citizens. By aligning financial resources with strategic priorities, the OPEC Fund and Uzbekistan aim to catalyze progress towards shared goals of prosperity and sustainability, thereby laying a foundation for long-term socio-economic development and resilience. 



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