The EBRD in Uzbekistan

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Samarkand at dusk - historic Registan Square, with three madrasahs

The EBRD has been investing in Uzbekistan since 1992

Uzbekistan is the leading recipient of EBRD funding in Central Asia, with investments in sectors ranging from renewable energy to banking. Since reengaging with the country, the EBRD has expanded its presence and now operates through a principal office in Tashkent and satellite offices in Andijan and Urgench.

An Uzbekistan success story: how EBRD investment is increasing the number of women in technical jobs

180

Number of projects to date

€5,222m

Cumulative EBRD investment

€2,444m

Cumulative disbursements

56%

Private sector share of portfolio

Number of active portfolio operations

€2,804m

Current portfolio of projects

€1,296m

Operating assets

Equity share of portfolio

30 April 1992

Joined the EBRD

44,120

Capital subscription (€000)

EBRD Governor: Jamshid Khodjaev
EBRD Alternate Governor: Shukhrat Vafaev
EBRD Board Director, Switzerland: Liliana de Sá Kirchknopf
EBRD Board Alternate Director: Artem Shevalev

EBRD Shareholders information

Uzbekistan is the leading recipient of EBRD funding in Central Asia, with investments in sectors ranging from renewable energy to banking. Since reengaging with the country, the Bank has expanded its presence and now operates through a principal office in Tashkent and satellite offices in Andijan and Urgench.

The EBRD’s country strategy for Uzbekistan identifies the following operational and strategic priorities for the Bank’s work in Uzbekistan: enhancing competitiveness by strengthening the role of the private sector in the economy; promoting green energy and resource solutions across sectors; and supporting increased regional and international cooperation and integration.

Focus areas

The EBRD's strategy for Uzbekistan recognises the need to strengthen the country’s path to reform

The includes expanding the role of civil society, providing greater freedom to mass media and promoting women’s entrepreneurship.

The EBRD continues working to improve the investment climate

The Bank seeks to improve the investment climate by facilitating the activity of the Foreign Investors’ Council, which serves as a platform for dialogue between foreign investors and the authorities, fostering reforms.

The Bank also continues to provide support for Uzbekistan’s green transition

Its investment contributes to a long-term decarbonisation plan that the EBRD and the government of Uzbekistan have jointly developed and which aims to achieve a carbon-neutral power sector by 2050.

As well as being an EBRD country of operation, Uzbekistan is an EBRD donor. In 2024, Uzbekistan contributed €10 million to the Uzbekistan PPP Preparation Facility Cooperation Account to support the preparation and implementation of infrastructure projects in Uzbekistan, with a view to increasing private-sector participation in infrastructure financing.

The EBRD's latest country strategy for Uzbekistan was adopted on 24 January 2024.

6.0%

EBRD forecast for Uzbekistan's real GDP growth in 2025

6.0%

EBRD forecast for Uzbekistan's real GDP growth in 2026

The economy grew by 6.5 per cent in 2024, driven by 27.6 per cent investment growth. Robust household consumption—fuelled by strong growth in remittances, credit expansion and rising wages—supported the services sector, which grew by 12.9 per cent. Industry expanded by 6.8 per cent, construction by 8.8 per cent and agriculture by 3.1 per cent.

Economic momentum remained strong in early 2025. In the first two months of the year, industrial production grew by 6 per cent, construction by 11.8 per cent, and services by 12.2 per cent compared with the same period in 2024. Inflation peaked in mid-2024 at 10.6 per cent, driven primarily by energy price liberalisation, and has remained elevated, at 10.3 per cent in March 2025. In response, the Central Bank of Uzbekistan maintained a tight monetary policy stance, raising the policy rate by 50 basis points in March 2025 to 14 per cent.

Progress on reducing the twin deficits continued. The current account deficit narrowed due to a sharp rise in remittance inflows and a lower deficit in goods trade, while the deficit in services trade increased. On the fiscal side, increased revenues combined with restrained expenditures supported further consolidation.

Foreign exchange reserves rose to US$47.9 billion by 1 April 2025, reflecting higher global gold prices. With 7.6 per cent of its exports directed to China in 2024, Uzbekistan faces relatively low direct exposure to a potential slowdown in the Chinese economy. Export volumes rose by 24 per cent in the first two months of 2025. The economy is expected to maintain strong growth, projected at 6 per cent in both 2025 and 2026.

Uzbekistan strategy and snapshot

Uzbekistan private sector diagnostic

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Uzbekistan strategy

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Local language translation (Uzbek)

PDF format / 1.51 MB

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Local language translation (Russian)

PDF format / 1.41 MB

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Uzbekistan country snapshot

PDF format / 1.35 MB

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Report on public comments

PDF format / 0.19 MB

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Contact the EBRD in Uzbekistan

Head of Office: Andi Aranitasi

Address:

EBRD Tashkent Resident Office, Banking Association of Uzbekistan, 13th floor, 1, Qoratosh Street, Tashkent, 100027, Uzbekistan

Telephone:

+99878 140 44 00

Address:

1/2A, Yog’du Street, Urgench, Khorezm Region, Uzbekistan

Telephone:

+998 78 7770440

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The EBRD in Uzbekistan

An Uzbekistan success story: how EBRD investment is increasing the number of women in technical jobs

Focus areas

The EBRD's strategy for Uzbekistan recognises the need to strengthen the country’s path to reform

The EBRD continues working to improve the investment climate

The Bank also continues to provide support for Uzbekistan’s green transition

Uzbekistan strategy and snapshot

Contact the EBRD in Uzbekistan

The EBRD in Uzbekistan

An Uzbekistan success story: how EBRD investment is increasing the number of women in technical jobs

Focus areas

The EBRD's strategy for Uzbekistan recognises the need to strengthen the country’s path to reform

The EBRD continues working to improve the investment climate

The Bank also continues to provide support for Uzbekistan’s green transition

EBRD supports production of glass fibre sheets in Uzbekistan

EBRD promotes competition by supporting Meros Pharm

EBRD commits fresh funds for irrigation system upgrades in Uzbekistan

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