"Uzbekistan - European Bank for Reconstruction and Development: A New Beginning" - such was the theme of a meeting of the recently launched press club in Tashkent to which was invited the President of the EBRD, Suma Chakrabarti, who is in a three-day visit to Uzbekistan.

"We are very pleased to resume operations in Uzbekistan, and this is unanimously supported by our shareholders," the head of EBRD said. He expressed confidence that the bank's cooperation with Uzbekistan had a "strong future", recognizing that "without Uzbekistan, the EBRD's work in the Central Asian region was incomplete."

"This is indeed a new beginning, and we believe that now we can make an even greater contribution to the development of the region as a whole and Uzbekistan in particular," Suma Chakrabarti stressed.

The head of the EBRD told about the "tremendous" meeting he had with the President of Uzbekistan, Shavkat Mirziyoyev, which lasted 90 minutes and during which the whole range of cooperation issues was discussed.

According to Suma Chakrabarti the main aim of the EBRD is to help Uzbekistan fully utilize the existing potential for economic growth.

Suma Chakrabarti described the signing of the MoU as the symbol of "mutual desire to move forward together, build a close partnership for the benefit of Uzbekistan, its economic development."

He added that within a year a full-scale country cooperation strategy will be developed. The latest EBRD strategy for Uzbekistan was adopted in 2005. The new program will be in line with the Uzbekistan’s Development Strategy for 2017-2021. "We support Uzbekistan’s development strategy, we really admire its content, it has many elements that the EBRD can support," Suma Chakrabarti said, appreciating the approach of forming the strategy through discussions involving the country's ordinary people.

At the first stage, the EBRD intends to focus its support on projects of small and medium-sized businesses, the banking and financial sector, trade facilitation and the municipal sector.

Sadik Safayev, the first deputy chairman of the Senate for international relations, foreign economic relations, foreign investment and tourism, approved as the EBRD's managing director for Uzbekistan, noted that restoring the relations with the Bank "was very well received by the international community and by our partners." "Today we have agreements with many EBRD donor countries that have expressed their willingness to finance projects with the Bank in Uzbekistan."

According to the senator the most important sphere of cooperation is the improvement of the investment climate. To this end was launched the joint project "Investment Climate in Uzbekistan" with the World Bank and UNDP. During the talks in Tashkent, the EBRD was also invited to participate in the project.

"We can clearly see the roadmap for further action, joint efforts to form the EBRD’s country program for Uzbekistan. The National Bank for Foreign Economic Affairs has been assigned as the working body for direct contacts with the EBRD," Sadyk Safayev added.

He noted that the parties, not waiting for the adoption of the country program, have agreed to draw a credit line this year aimed at supporting SMEs in the provinces of Uzbekistan.

Uzbekistan, together with its neighbors in the region and with other states, intends to develop projects in the field of transport corridors, power, green energy and energy-efficiency projects in which the EBRD is expected to participate.

The EBRD welcomes Uzbekistan’s active regional policy. Suma Chakrabarti stressed that the countries of the region were not developing as fast as they could be, partly because of insufficient interaction between themselves. "Now the situation is improving, and this can benefit the whole region. Many projects can be viable only if countries implement them together - especially in the power and infrastructure sectors," the head of EBRD emphasized.

He proposed to hold the Central Asian Forum in Tashkent (the first forum was held in Istanbul), however, not immediately, but after the planned investment projects "will be put in place".

Sadyk Safayev, in turn, added that a presentation of Uzbekistan’s investment and tourism potential could be held at the annual meeting of the EBRD's Board of Directors in May.

During the visit, the EBRD and the government of Uzbekistan signed an agreement on the implementation of the uranium tailings re-cultivation program within the framework of the EBRD's Environmental Restoration Fund in Central Asia.