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01/July/2021   Economy

The World Bank to allocate $380 million loan to Uzbekistan


TASHKENT, July 1. /“Dunyo” IA/. The World Bank Executive Directors approved the allocation of a $380 million loan for the implementation of a large-scale investment project by the National Electric Grids of Uzbekistan to upgrade transmission substations and digitalize the system, reports “Dunyo” IA correspondent.

The Electricity Sector Transformation and Resilient Transmission Project has been approved by the World Bank’s Board of Executive Directors. The project will improve the performance of the National Electric Grid of Uzbekistan (NEGU) to ensure reliable energy supplies to millions of households and businesses across the country.

The project will be supported by $380 million in credit from the International Development Association (IDA), and a $43 million loan from the Green Climate Fund (GCF) under the Sustainable Renewables Risk Mitigation Initiative Facility. The Government of Uzbekistan will receive this financing at very low interest rates and with the longest repayment period of up to 40 years. The GCF will also provide a $4 million grant to cover selected project activities.

According to the Ministry of Energy of Uzbekistan, the project will introduce modern digital and telecommunication technologies and solutions to improve the process of monitoring, control, and operation of the power transmission system.

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