Uzbekistan

        First Inclusive and Resilient Market Economy Development Policy Operation

                                           Chair Summary*

                                           December 7, 2023

The Executive Directors approved an IBRD loan in the amount of $300 million and three IDA
credits consisting of (i) a concessional credit in the amount of $160 million, (ii) a concessional
credit (Shorter-Maturity Loan) in the amount of US$240 million, which includes US$100 million
from the IDA20 Scale-Up Window, and (iii) a non-concessional credit of US$100 million from
the IDA20 Scale-Up Window, for a total amount of US$800 million, to Uzbekistan for the First
Inclusive and Resilient Market Economy Development Policy Operation (DPO) on the terms and
conditions set out in the Memorandum of the President.

Directors welcomed the progress Uzbekistan has achieved to open and transform its economy
and continued commitment to the timely implementation of the reform agenda supported by the
DPO. They noted that this operation is the first programmatic DPO in Uzbekistan after a series
of stand-alone policy loans which incorporates lessons learned and includes explicit climate
actions for the first time.

Directors appreciated the alignment with the CPF and CCDR and emphasized the importance of
the establishment of a new energy regulator and removing energy subsidies, as a foundation for
greater green and private sector led development in Uzbekistan. Directors also stressed the
importance of privatization efforts in a transparent and competitive way. They remarked on the
importance of an inclusive and just-transition and called for continued engagement to build
capacity, strengthen governance, the rule of law, citizen participation and social protection. They
also highlighted the need to integrate a private sector perspective, including private capital
mobilization, recognizing the key role IFC and MIGA can play in job creation and social
inclusion, with an emphasis on a one WBG approach.

Directors welcomed the Bank’s coordinated use of instruments in support of the reforms under
the DPO and encouraged further collaboration among development partners to strengthen the
regional approach with all relevant stakeholders and to support the Government’s overall risk
mitigation efforts.



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*This Summary is not an approved record.