ADB launches new 5-year strategy for Uzbekistan

Manila, Aug 28 (IANS) The Asian Development Bank (ADB) has said that it has launched a new country partnership strategy for Uzbekistan, spanning the period 2024 to 2028.The ADB said on Tuesday that the new five-year strategy aims to facilitate the central Asian nation's transition to a green economy, support private sector development and competitiveness and promote investments in human capital, Xinhua news agency reported.The new strategy envisages ADB interventions in various sectors, including energy, public sector management and governance, finance, transport, agriculture and natural resource management, and urban development. The bank will also support development in education and social protection."ADB will mobilise its sovereign and private sector operations in the country along with policy dialogue and innovative solutions to achieve the strategic goals of the new partnership," said ADB country director for Uzbekistan, Kanokpan Lao-Araya.The multilateral lender promises to strengthen macroeconomic and fiscal reforms and transform and prepare state-owned enterprises for privatisation to support enabling conditions for the private sector's expanded role in the economy.As Uzbekistan strives to achieve its human capital development targets by 2030, the ADB commits to enhancing the quality, inclusivity, and relevance of education and skills development across the nation, improving access to health and social services, and strengthening social protection for the most vulnerable.In line with its strategic shift towards private sector operations, ADB will expand its cofinancing partnerships and dialogue with domestic and international companies, investors, and business associations. ADB will also continue its fruitful partnerships with civil society organisations in combatting climate change, investing in people, advocating for gender equality, and supporting vulnerable groups.Uzbekistan joined ADB in 1995, and the bank has committed loans, grants, and technical assistance amounting to $12.5 billion to the country.--IANSint/khz

(Disclaimer: This post has been auto published from IANS news agency without any modification to the text and has not been reviewed by editor)