Uzbekistan has reached an agreement with Germany to secure €3 million for the development of the private sector through the German Society for International Cooperation (GIZ). This was reported by the Ministry of Economic Development and Poverty Reduction.
On November 13, the ministry's delegation met with GIZ Senior Project Director Ilka Starrost in Baku during the UN Climate Change Conference (COP29). The parties discussed the implementation of a joint project aimed at supporting the private sector.
The project agreement was signed at the previous UN conference in Dubai, which took place in December 2023. As part of this agreement, GIZ provided Uzbekistan with €9 million for the implementation of "green" economic solutions and industrial technologies.
Negotiation participants highlighted the role of the initiative in facilitating the economic reforms carried out by the Uzbek government. It was noted during the discussions that the project allows for the expansion of opportunities for both the public and private sectors in the field of "green" economy.
Additionally, the project plans to exchange experiences in measuring carbon emissions and carbon certification. It is expected that this will enhance Uzbekistan's participation in carbon quota trading and adapt the local industry to the European Union's Carbon Border Adjustment Mechanism (CBAM).
The private sector will receive support for implementing environmentally friendly solutions, including the establishment of "green" industrial parks. To achieve this, GIZ and the Ministry of Economic Development and Poverty Reduction have signed a memorandum to allocate an additional €3 million.
Earlier, Spot reported that the investment company DEG would provide Korzinka with $25 million for the construction of a distribution center.