UK Lends $1.8bn to Uzbekistan

UK Export Finance (UKEF) has signed a memorandum with the Uzbekistan fund for reconstruction and development (UFRD) and committed £1.25bn ($1.8bn) towards financing energy projects in Uzbekistan, Uzbekistan state news agency Uzdaily reported April 18. The MoU was signed during the first Uzbek–UK Energy Forum in London April 18.

UFRD chairman Shukrat Vafoev (left) and UK minister Rona Fairhead (right) sign the MoU (Credit: Uzdaily)

Uzbekistan hopes to attract $30.4bn to its oil and gas projects between 2016 and 2020 according to its five-year plan, 2017, Uzbekneftegaz reported. Most of the running so far has been made by the Russian companies Lukoil and Gazprom.

The forum was aimed at providing British companies with the opportunity to enter the Uzbek market at an early stage and help them to take advantage of the opportunities that are opening up in the country.

The two sides agreed to hold the forum on a regular basis in Uzbekistan as well, with UK and European companies to be invited. The forum was organised by the Uzbekistan Committee for Investments and the state-run oil and gas company UzbekNeftegaz.