In a recent development, the European Bank for Reconstruction and Development (EBRD) revealed details about an agreement signed between the government of Uzbekistan and the international financial institution.
The agreement entails a collaborative effort between EBRD and Uzbekistan to prepare for the privatization of one of the country's largest state financial institutions, the Joint-Stock Commercial Bank "Asakabank". EBRD will provide necessary pre-privatization support in the form of recommendations, knowledge exchange, technical assistance, and may consider the possibility of pre-privatization investment in the bank's share capital, as stated by the EBRD.
The agreement was signed by the Deputy Prime Minister, Minister of Economy and Finance of Uzbekistan, Jamshid Kuchkarov, and the Managing Director of EBRD for Central Asia, Jujuanna Hargitai.
According to the document, the parties will focus on institutional transformation and corporate governance reform in "Asakabank" during the preparation stage for its privatization.
It is worth noting that the President of Uzbekistan, Shavkat Mirziyoyev, previously announced the signing of the agreement for the privatization of "Asakabank" between the government and EBRD.
