Uzbekistan, Japan Sign Agreement for 37 Billion Yen Loan
Tashkent, The Gulf Observer: On February 19, a momentous agreement was formalized between the Republic of Uzbekistan and Japan, signifying a collaborative effort towards sustainable economic and social development. The First Deputy Minister of Economy and Finance of the Republic of Uzbekistan, Ilkhom Norkulov, and the Ambassador Extraordinary and Plenipotentiary of Japan to Uzbekistan, Hatori Takashi, inked Exchange Notes on a significant yen loan, amounting to 37 billion yen, approximately $246 million 235 thousand.
Accompanying this milestone, a loan agreement was signed with the Head of the Japan International Cooperation Agency (JICA) Representative Office in Uzbekistan, Bito Yoshibumi.
The loan, designated under the “Programs to Support Sustainable Economic and Social Development,” is a testament to the commitment of both nations towards fostering economic reforms and ensuring a smooth transition to a market economy. Moreover, the project aims to enhance social integration and stability by offering support to vulnerable groups within Uzbekistan. This collaborative initiative is anticipated to play a pivotal role in bolstering the state’s socio-economic stability and facilitating sustained development.
The agreement aligns with the vision set forth during the 9th Meeting of Foreign Ministers of Central Asia+Japan Dialogue, conducted in Tokyo in December 2022. During this meeting, Japan articulated its commitment to establishing and developing cooperation with Central Asian nations, including Uzbekistan. The new model emphasized “Investing in People” and “Quality of Growth” as pivotal aspects of achieving sustainable development in a free and open region. The recently signed loan agreement reflects the embodiment of this concept, encapsulating the essence of “Quality of Growth.”
As both nations embark on this collaborative journey, the loan is anticipated to be instrumental in fortifying Uzbekistan’s economic foundations and promoting social inclusivity. The shared commitment towards sustainable development reflects the enduring partnership between Uzbekistan and Japan, paving the way for a prosperous and stable future.
