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By Trend

The European Bank for Reconstruction and Development (EBRD) will finance construction and reconstruction of roads in Khorezm region of Uzbekistan, Trend reports with the reference to press service of the Ministry of Investments and Foreign Trade of Uzbekistan.

The corresponding agreement was signed during the visit of Uzbek Minister of Investment and Foreign Trade Sardor Umurzakov to London for participation in the meeting of the bank's Board of Directors.

The minister held a number of meetings with the EBRD top management including President Suma Chakrabarti, First Vice President Jürgen Rigterink, Vice President Alan Pillow, Secretary General Enzo Quattrociocche, Member of the Board of Directors Remigi Winzap, and Director for Central Asia Andre Kuusvek.

At the meetings, issues of the cooperation and prospects for the near future were discussed in detail.

"The ceremony of signing an agreement on providing long-term financing to the Republic of Uzbekistan for construction and reconstruction of public highways of state importance in Khorezm region took place following the meetings," the ministry's press service said without specifying the details of the agreement.

Speaking at the meeting of EBRD's Board of Directors, Umurzakov told about Uzbekistan's position on the key issues of the bank's strategic development in the medium term.

"In this context, the need to radically improve the effectiveness of cooperation between Uzbekistan and EBRD and increase the volume of new economically and socially significant projects in priority sectors was emphasized," the report said.

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