The State Debt of the Republic of Uzbekistan

Ministry of Finance of the Republic of Uzbekistan

The state debt of the Republic of Uzbekistan

For 2020

Ministry of Finance of the Republic of Uzbekistan I. STATE DEBT DYNAMICS

1.1. The State Debt Profile

STATE EXTERNAL STATE DOMESTIC DEBT 21.1 $23.3bn 2.2 DEBT

$ 21.1 bn. $ 2,2 bn.

(increased by 34.4% compared to the (increased by 5.4% compared to the beginning of the year) beginning of the year)

15.1

6.0 1.8

0.4

Directly attracted on behalf of the Government securities – $0.4bn/3 954.0 bn. Republic – $15.1bn soums

State guarantee – $6.0bn State guarantee – $1.8bn

As of December 31, 2020, according to preliminary estimates, the state debt1 of the Republic of Uzbekistan amounted to $23.3bn equivalent or 40.4% of GDP. In particular, the country’s state external debt in 2020 increased by $5.4bn or by 34.4% compared to the beginning of the year and amounted to $21.1bn or 36.5% of GDP. Of which:

1 Debt borrowed on behalf of the Republic of Uzbekistan and under its guarantee 1

- State external debt on behalf of the Republic - $15.1bn; - External debt under state guarantee - $6.0bn. According to the preliminary estimates, state domestic debt is 23.3 tn soums ($2.2bn) or 3.9% of GDP. Of which: - Government securities – 4.0 tn soums (~$0.4bn); - Domestic debt under state guarantee – 19.3 tn soums (~$1.8bn). Figure 1. Dynamics of the state debt of the Republic of Uzbekistan* (bn US dollars)

State debt ceiling – 60% of GDP 70% 60 60%

50 50% 40,4% 40 40% 29,2% 30,8%

30% 30 19,5% 23.3

20% 11,6% 17.8 2,2 20 14.8 11.5 2,1 10% 9.5 4,8 10 3,0 4,0 0% 6,5 7,5 9,9 15,7 21,1 0 -10% 2016 2017 2018 2019 2020

State external debt State domestic debt State debt to GDP

Despite the growth dynamics of state debt in recent years, according to international standards, the state debt of the Republic of Uzbekistan (40.4% of GDP) including the state external debt (36.5% of GDP) remains at a moderate level. According to the Law on State Budget of the Republic of Uzbekistan for 2021, the total amount of outstanding state debt attracted on behalf of the Republic of Uzbekistan and under state guarantee will not exceed 60% of GDP. In accordance with the Law “On State Budget for 2020”, annual borrowing limit on state external debt was set at $5.5bn.

*State debt statistics are constantly being improved based on data provided by International financial institutions and commercial banks.

Figure 2. Agreements signed on behalf of the Republic of Uzbekistan and under state guarantee with international financial institutions and foreign government financial organizations (bn US dollars)

9,6 8.7 Issuance of government 8,8 securities 8,0 0.6 7,2 6.3 Amount of domestic debt 6,4 5.9 3.6 0.5 loan agreements 5,6 0.4 0.4 4,8 1.6 4,0 0.3 Amount of external debt loan agreements under 3,2 state guarantee 2,4 1,6 Amount of external debt loan agreements on behalf 0,8 3.9 4.3 5.0 of the Republic 0,0 2018 2019 2020

Figure 3. Limit on state debt loan agreements of the Republic of Uzbekistan (bn US dollars)

$ Limit on state external No limit was set for debt loan agreements state domestic debt in 6,00 10,00 for 2020 - $5.5bn Limit on state external 2020 5,50 debt loan agreements 9,00 for 2021 - $5.0bn 5,00 8,00 5.02tn Limit on 4,50 7,00 soums government securities 4,00 6,00 for 2021 - 5.0tn soums 3,50 5,00

3,00 4,00

2,50 3,00 4.51tn. $5.35bn soums 2,00 2,00 2020 2021 2020 2021 2…Amount of state external debt loan Domestic government securities agreements Domestic debt loan agreements signed under state guarantee In addition, in 2021 the annual limit on newly signed agreements on behalf of the Republic of Uzbekistan and under its guarantee is set in the amount of $5.5bn ($5bn - external, $0.5bn - domestic debt), of which - to finance the state budget deficit - $2.2bn (including domestic debt - 5tn soums), to finance investment projects - $3.3bn.

1.2. Factors which contributed to the growth of state debt

The main factors which contributed to the growth of state debt in 2020: - Net increase in disbursements within external loan agreements signed on behalf of the Republic of Uzbekistan which amounted to $4.4bn; - Net increase in disbursements within external loan agreements signed under state guarantee which amounted to $1.0bn; - Net increase in disbursements within domestic loan agreements signed under state guarantee which amounted to 0.5tn soums; - As a result of issuing government securities in the amount of 5 024.0bn soums and repayment of domestic debt equal to 2 320.0bn soums, the net increase in government securities was 2 704.0bn soums.

Figure 4. Factors which contributed to state debt in 2020

Figure 3. Main indicators of state external debt 2

Ratio of state external debt to Ratio of total debt service to GDP international reserves of the 1 (in percent) Republic of Uzbekistan (in percent) 2,00 1.84 75,00 60.39 60,00 53.77 1,50 1.31 1.12 45,00 36.52 1,00 30,00

0,50 15,00

0,00 0,00 2018 2019 2020 2018 2019 2020

Ratio of debt service paid by the state Ratio of total debt service to exports budget to consolidated budget (in percent) revenues (in percent)1

8,00 2,50 7.02 7,00 2.00 2,00 6,00

5,00 4.03 4.23 1,50 4,00 1.05 1.10 3,00 1,00

2,00 0,50 1,00

0,00 0,00 2018 2019 2020 2018 2019 2020

1 State external debt service includes the principal and interest payments.

II. THE STRUCTURE OF THE STATE DEBT AND THE DISTRIBUTION OF OUTSTANDING DEBT AMONG DIFFERENT SECTORS

2.1. State domestic debt During January-December of 2020, state domestic debt increased by 3.2tn soums and amounted to 23.3tn soums. Of which: - domestic government securities – 4.0tn soums; - domestic debt under state guarantee – 18.5tn soums. 2.1.1. Government securities In 2019, domestic government securities with short and medium term maturities totaling 1 550.0 bn soums were placed through 15 electronic auctions, then in 2020 a total value of 5 024.0bn soums of domestic government securities were placed through 22 electronic auctions.

Figure 4. Structure of maturity of domestic government securities. (as of 31.12.2020)

10.10% up to 1 year 34.60% 10.10% 1 year

7.30% 3 954.0 bn. soums 1.5 years

2 years

3 years 37.90%

In 2020, domestic government securities with maturities of up to 1 year, 1 year and 1.5 years, amounting to 700.0bn soums, 1 420.0bn soums and 200.0bn soums were repaid respectively. As of December 31, 2020, outstanding debt amounted to 3 954.0bn soums. 6

The issuance of domestic government securities is carried out based on the domestic demand in the financial market and the needs of the State budget. Furthermore, in order to diversify state debt portfolio and reduce foreign exchange risk, through wide usage of domestic funding sources, attraction of domestic and foreign investors to activate domestic government securities, financing budget deficit, works are being carried out in financing sector by placing government securities in internal financial markets by Ministry of Finance of the Republic of Uzbekistan in cooperation with U.S. Department of the

Treasury, World bank and International Monetary Fund.

2.2. State external debt As of December 31, 2020, the amount of state external debt of the Republic of Uzbekistan reached $21.1bn or 36.5% of GDP. - external debt attracted on behalf of the Republic of Uzbekistan – $15.1bn equivalent or 71.4% of total state external debt. - external debt under state guarantee of the Republic of Uzbekistan – $6.0bn equivalent or 28.6% of total state external debt.

2.2.1. Distribution of the state external debt among different sectors To ensure well-being of our people and sustainable economic growth, firstly, infrastructure development is required. To develop energy, water supply, transport and communication infrastructure, which are necessary for living, production and entrepreneurship of the population, a large amount of financing is required. In the case of limited internal capacity, state external debt is directed mainly to infrastructure, industry and agriculture projects. As of the end of 2020, in total 17.5% or $3.7bn had been directed to budget support, 14.6% or $3.1bn to the electric power industry, 12.4% or $2.6bn to energy, 11.5% or $2.4bn to transport and transport infrastructure and 9.4% or $2.0bn to housing and communal services sectors.

Figure 5. Distribution of state external debt by sectors of economy* (as of 31.12.2020)

Budget support Eurobonds $3.7bn $1.7bn

Electric power Chemical industry $3.1 bn $1.0 bn

Education and healthcare Energy (oil and gas) $0.7bn $2.6bn

Transport and transport Financial sector infrastructure $0.3 bn $2.4bn

Agriculture Telecommunications

$2.3bn $0.2bn

Housing and communal Others services $2.0bn $1.1bn

A high proportion of the debt portfolio is contracted for longer maturities with concessional interest rates (detailed information on projects financed through state external debt is provided in Annex 3). It is important to note that the government of the Republic of Uzbekistan follows a conservative approach and risk management principles in raising funds from international financial institutions and foreign government financial organizations.

2.2.3. Distribution of the state external debt among creditors

The State external debt portfolio of the Republic of Uzbekistan includes loans of international financial institutions in the amount of $10.1bn, these loans are given in longer maturity (up to 30 years) and concessional interest rates.

*State external debt statistics are constantly being improved based on data provided by International financial institutions and commercial banks.

Figure 6. Distribution of state external debt by creditors

State external debt by creditors

(as of 31.12.2020, bn. US dollars)

China Development Bank and Asian Development Bank – $5.0bn others – $2.0bn

World bank – $3.7bn International investors – $1.7bn

Export-Import Bank of China – $2.0bn Islamic Development Bank – $0,9bn

Japan International Cooperation Japan International Cooperation Bank Agency – $2.0bn and others – $0,3bn

Other International financial Economic development and cooperation fund

organizations – $2.4bn and others – $1.0bn

In particular, a significant part of state debt comes from the Asian Development Bank ($5.0bn), the World bank ($3.7bn) and Islamic Development Bank ($0.9bn). It should be noted that diversification of state debt is ensured, 44.0% share of state debt is from foreign governmental financial organizations. Other main creditors of the Republic of Uzbekistan include Eximbank of China, China Development Bank, Japan International Cooperation Agency and foreign governmental financial organizations of other countries. Mainly borrowing funds have been raised to finance different investment projects under state guarantee. Some debt service is repaid by SOEs on the basis of funds derived as a result of financing investment projects.

2.2.4. Currency composition of state external debt

The currency composition of the state external debt portfolio of the Republic of Uzbekistan is comprised of US dollar (70.0%), Japanese yen (11.3%), SDR (9.5%), Euro (5.1%), 4.1% - other currencies.

Figure 7. Currency composition of state external debt (as of 31.12.2020)

US dollars US dollars - 70.0% Japanese yen Japanese yen - 11.3%

SDR - 9.5% SDR 70.0% Euro - 5.1% 11.3% Chinese yuan - 1.3% 9.5% Euro Uzbek soum - 0.9%

5.1% Korean won - 0.9%

Saudi riyal - 0.7% Currency composition of Others Kuwaiti dinar - 0.3% the state external 4.1% debt UAE dirham - 0.02%

2.2.5. Eurobonds

On November 19, 2020, the Ministry of Finance issued a total of $750mn Eurobonds in two tranches, in the amount of $555mn for a period of 10 years and debut 3-year soum-denominated Eurobonds in the amount of 2tn Uzbek soums, which were successfully placed on the London Stock Exchange. Herein, the interest rates set on 3-year local currency and 10-year dollar Eurobonds are 14.50% (0.75% below the initial interest rate) and 3.70% (0.55% below the initial interest rate) respectively.

In addition, the demand for these bonds which reached 5tn soums and $3.8bn respectively indicates a moderate assessment of the risks associated with the Republic of Uzbekistan by foreign investors and increasing trust in the country's prospects. The proceeds from the transaction amounting to 2tn soums are anticipated to fund the SDGs associated with development projects that will contribute to combatting poverty, ensure healthy lives, promote quality education, advance gender equality, ensure access to clean water, promote decent work and economic growth, and foster infrastructure resiliency (Annex 4). In particular, the proceeds from the transaction are expected to fund the following:  construction and reconstruction of schools;  construction and reconstruction of health facilities;  construction and reconstruction of drinking water, sewerage and facilities across the country;  construction, reconstruction and repairment of state roads across the country;  providing financial assistance to women and families in difficult social situations, as well as women with disabilities;  providing concessional loans to women to start private and family businesses;  comprehensive support for motherhood and childhood, financial support for the implementation of tasks to strengthen the institution of the family;  reimbursement of the initial cost of housing for women in difficult social situations in the manner prescribed by law;  financing unemployment benefits.

There is an obligation in front of foreign investors to direct funds of soum- denominated Eurobonds to prospective projects in 2021 in order to achieve above mentioned development projects. Also, in “Drawdown Prospectus”, it is envisaged to provide the implementation of these development projects and publish on the website by the Ministry of Finance. The JP Morgan Development Finance Institution assessed Uzbekistan`s soum denominated Eurobond transaction on November 19, 2020 to qualify as development finance with a high development impact. 12

It is worth noting that annual reporting of the results of the development projects to be implemented at the expense of the proceeds from the issuance of Eurobonds is considered to be the debut in the world and this serves as a model for other countries. A Memorandum of Understanding between the Ministry of Finance and the United Nations Development Program to monitor the implementation of these development projects is planned to be signed.

Figure 8. Eurobond prices in secondary market Price of Eurobonds compared to nominal value

10-year (current 8-year) 5-year (current 3-year) 10-year 3-year (soum-denominated)

120

115

110

105

100

90 19.11.2020 85

It should be noted that coupon rate of our Eurobonds of 10-year dollar- denominated tranche was 3.70% (initially, the coupon rate was 4.25%). This fall in coupon rate had a positive effect on secondary market of Eurobonds issued in 2019, and YTMs of 5 years (currently 3 years) and 10 years (currently 8 years) Eurobonds noticeably declined. In addition, the issuance of soum-denominated Eurobonds will reduce foreign exchange risk and increase the interest of foreign investors in soum-denominated government securities which leads to development of the domestic government bond market.

Figure 9. Yield to maturity of Eurobonds

10-year (current 8-year) 5-year (current 3-year) 10-year 3-year (soum-denominated)

15,00 13,00 11,00 9,00 7,00 5,00 3,00 19.11.2020 1,00

YTMs of Eurobonds for the end of 2020 are shown below:  10-year (current 8-year) – 3.08%;  5-year (current 3-year) – 1.82%;  10-year – 3.08%;  3-year (soum-denominated) – 14.05%. At the same time, the first successful placement of Eurobonds in local currency provided the soum to have its value in international financial markets and created "benchmark" for large state-owned enterprises and banks to issue their bonds in local currency.

2.2.6. State debt service As of December 31, 2020, the total state debt service (paid by the state budget and the SOEs’ own resources) accounted for $1.8bn. Of which: - state external debt – $1.1bn; * principal repayments – $656.5mn; * interest payments – $405.1mn; - state domestic debt – $666.9mn; * principal repayments – $515.5mn; * interest payments – $151.4mn

Figure 10. State external debt service3

1,4 1,2 $ 1,1 bn. 1,0 0,8 $ 0,8 bn. 0,4 $ 0,6 bn. 0,6 $ 0,5 bn. 0,2 0,1 0,4 0,1 0,7 0,5 0,2 0,4 0,4 0,0 2017 2018 2019 2020 SOEs' own resources State budget

In 2020, the amount of state external debt service paid by the state budget was $315.9mn. Of which: - principal repayments – $213.0mn; - interest payments – $102.9mn.

Figure 11. State external debt service indicators (As of 31.12.2020)

7,02 2020 1,84 2,00

4,23 2019 1,31 1,10

4,03 2018 1,12 1,05

0,0 1,5 3,0 4,5 6,0 7,5

State external debt service to export, % State external debt service to GDP, % State external debt service paid by state budget to consolidated budget revenues,%

3 State external debt service includes principal repayment and interest payments. 15

III. MEASURES ON EFFECTIVE STATE DEBT MANAGEMENT

 “Debt management strategy of the Republic of Uzbekistan" has been developed for 2020-2022 in cooperation with the World Bank and the International Monetary Fund. This strategy is reviewed every year depending on the macroeconomic development and state budget parameters of the Republic.  Within the framework of the strategy, in order to diversify state debt, reduce foreign exchange rate risks and cover state budget deficit government securities and Eurobonds are issued. In particular, government securities placed in the domestic market increased from about 0.6tn soums in 2018 to 1.6tn soums in 2019. In 2020, the amount of government securities issued amounted to 5.0tn soums. Eurobonds had been placed in international financial markets in two tranches – $555mn due 2030 and debut soum-denominated 2tn soums due 2023.  In order to finance the state budget deficit as much as possible through issuance of government securities, the development of the domestic capital market has been carried out by Ministry of Finance.  Debt sustainability analysis has been developed by the Ministry of Finance with the assistance of International Monetary Fund.  According to the Law “On the state budget of the Republic of Uzbekistan for 2021”, the annual limit on newly signed agreements on behalf of the Republic of Uzbekistan and under its guarantee is set in the amount of $5.5bn (of which $2.2bn - to finance state budget deficit, $3.3bn - to finance investment projects). Moreover, the total amount of state debt attracted on behalf of the Republic of Uzbekistan and under state guarantee will not exceed 60% of GDP.  Measures are being taken on transparency of the attraction and the use of state debt. In particular, the projects financed by state debt and completed are compulsorily audited by the Chamber of Auditors. Also, it is envisaged to be discussed by mass media and deputies of the Legislative Chamber.  The draft law “On state debt” of the Republic of Uzbekistan has been developed in cooperation with the US Treasury, World bank and Asian Development Bank. In particular, the draft law includes a definition of state external and domestic debt, the authority of state governing bodies in attracting and managing state debt, debt attraction by SOEs, rules on setting state debt limits and their enforcement, fulfillment of contingent liabilities, timely and full state debt service, transparency in debt management and openness of information.

 In order to provide transparency of debt statistics, the state debt of the Republic of Uzbekistan, monthly newsletter and reports are regularly published on the web-site of the Ministry of Finance and uploaded on “General Data Dissemination System” (GDDS). The report on state debt of the Republic of Uzbekistan includes information about state debt and its contributing factors, projects financed from state debt and measures on increasing effectiveness of state debt management system. For information: Four publications on the state debt of the Republic of Uzbekistan (dedicated to fourth quarter of 2019 and first three quarters of 2020), eight editions of monthly newsletter (9 to 16th editions) have been prepared and published on official website of the ministry.  Information on state external debt has been input into the debt management and financial analysis system (DMFAS-6 software package) and automated.

IV. SOVEREIGN CREDIT RATING POSITION OF THE REPUBLIC OF UZBEKISTAN

During 2020, virtual meetings were held with S&P Global Ratings and Fitch Ratings and relevant ministries and agencies of the Republic of Uzbekistan to review the credit rating of the country. According to the result of the meetings, the sovereign credit rating of our country maintained at 'BB-'. For information: Since March of 2020, a total of 220 credit rating outlooks have been changed to "negative" globally, 100 downgrade cases have been reported. In particular, S&P Global Ratings downgraded 80 credit rating outlooks (50% of the total) to “negative”, while the sovereign credit rating outlook of 65% of countries rated by Fitch was changed to negative.

4.1. Cooperation with S&P Global Ratings On December 5, 2020, S&P Global Ratings published its rating action report on sovereign credit rating of the Republic of Uzbekistan, where the agency affirmed sovereign credit rating of Uzbekistan at 'BB-'. The outlook remains negative. The ratings are constrained by Uzbekistan's low economic wealth, as measured by GDP per capita. According to agency, policy responses may be difficult to predict, given the highly centralized decision-making process and the relatively less developed accountability and checks and balances between institutions. The negative outlook reflects agency’s view that Uzbekistan's external and fiscal debt could continue to increase rapidly. According to the report, the following factors could lower the credit rating: - if over the next 12 months, the rapid accumulation of government external debt in recent years would not moderate in line with agency’s projections; - if dollarization levels in the economy significantly increase, despite recent reforms; - if increasing weakness in key state-state-owned enterprises (SOEs) is observed, leading to the realization of contingent liabilities on the government's balance sheet. The following factors could improve our credit rating:

- if the pace of external or fiscal debt accumulation slows over the medium term, in line with agency’s base case, as economic growth and current account receipts increase to mitigate additional external borrowing; - Uzbekistan's increased integration with the global economy and government SOE reforms could support the ratings if they result in increased economic growth potential and SOE financial resiliency; - diversification of the government's revenue base or the composition of exports.

4.2. Cooperation with Fitch Ratings On October 9, 2020, Fitch Ratings published its rating action on the sovereign rating of the Republic of Uzbekistan and maintained the rating without change at 'BB-' with “stable outlook” Uzbekistan's robust external and fiscal buffers, access to external financing and a diversified commodity export base are considered as the supporting factors of our credit rating. Fitch Ratings highlighted the fast pace of borrowing even prior to the COVID- 19 crisis with the debt ratio doubling since 2018. For information: State external debt accounted for $9.9bn (19.6% to GDP), $15.7bn (27.2% to GDP) and $21.1bn (36.5% to GDP) in 2018-2020 respectively. However, it is underscored that annual limits to contracting external debt and introduction a debt ceiling of 60 percent of GDP (for state and state-guaranteed obligations) aim to reduce the pace of debt accumulation. The main factors that could, individually or collectively, lead to positive rating action/upgrade are:  maintaining high economic growth that reduces the gap vs. peers in GDP per capita, without the creation of macroeconomic imbalances;  significant improvement of governance standards including rule of law, voice and accountability, regulatory quality and control of corruption;  significant strengthening of the sovereign's fiscal and external balance sheets. The main factors that could, individually or collectively, lead to negative rating action/downgrade:  Greater deterioration in the medium-term outlook for state finances, for example, due to weak growth, a marked worsening in the government's debt-to- 19

GDP ratio or the erosion of the sovereign fiscal buffers that could result in the removal of the +1 QO notch on state finances;  Rapid weakening of external finances, for example, through a sustained widening of the current account deficit derived from rapid credit expansion, a significant decline in foreign-exchange reserves or rapid increase in external liabilities.

Annexes Annex 1

State debt dynamics of the Republic of Uzbekistan

bn dollars equivalent

As of 31.12.2017 As of 31.12.2018 As of 31.12.2019 As of 31.12.2020*

State external debt 7.5 9.9 15.7 21,1

Percent of GDP 12.7% 19.6% 27.2% 36.5%

State domestic debt 4.0 4.8 2.1 2.2

Percent of GDP 6.8% 9.6% 3.6% 3.9%

State debt, total 11.5 14.7 17.8 23.3

Percent of GDP 19.5% 29.2% 30.8% 40.4%

*Preliminary estimates

Annex 2

State external debt loan agreements signed in 20204 Loan International amount № Name of project Loan interest rate Maturity Initiator, executing agency financial institutions (mn dollars) Ministry of Economic 30 years (5 years Development and Poverty 1 World bank Prosperous village project 100.0 1.25% grace period) Reduction of the Republic of Uzbekistan

Project on modernization of water Ministry of Economic Organization of the supply and drainage systems of 20 years (5 years Development and Poverty 2 Petroleum Exporting 53.4 3.25% Zarkent and Khujakent districts of grace period) Reduction of the Republic of Countries (OPEC) Namangan city, Namangan region Uzbekistan

Sustaining market reforms in Uzbekistan supplementary 30 years (5 years Ministry of Finance of the 3 World bank 200.0 6 month LIBOR + 0.88% development policy grace period) Republic of Uzbekistan (DPO 2)

10 years (5 years 125.0 0% International Monetary grace period) Ministry of Finance of the 4 Budget support to economy Fund 5 years (3 years Republic of Uzbekistan 250.0 1.05% grace period) Ministry of Economic Asian Infrastructure 6 month LIBOR + 1.5%+0.25% 30 years (5 years Development and Poverty 5 Investment bank Prosperous village project 82.0 (Preliminary 1 time payment) + grace period) Reduction of the Republic of (AIIB) 0.25% (service fee) Uzbekistan Asian Development COVID-19 active response and 15 years (3 years Ministry of Finance of the 6 500.0 6 month LIBOR + 0.5% Bank expenditure support program grace period) Republic of Uzbekistan

4Disbursed amounts of these agreements will be accounted in state debt. 22

International Islamic Project for the purchase of Up to 14 months Ministry of Finance of the 7 Trade Finance 50.0 12 month LIBOR + 1.4% fertilizers and fuel for agriculture period Republic of Uzbekistan Corporation

French Development Carrying out reforms in energy 150 20 years (5 years Ministry of Finance of the 8 6 month Euribor + 0.9% Agency (AFD) sector mn Euro grace period) Republic of Uzbekistan

1.25% + 0.10% (variable 30 years (5 years Ministry of Health of the 9 World bank Supporting healthcare system 95.0 spread) + 1.29% (service fee) grace period) Republic of Uzbekistan

6 month LIBOR + variable 30 years (10 years spread + 0.25% (temporary grace period); commission fee); Modernization of Agriculture sector Ministry of Agriculture of the 10 World bank 500.0 of the Republic of Uzbekistan Repiblic of Uzbekistan 1.25% + 0.75% (service fee) + 30 years (5 years 0.50% (temporary commission grace period) fee) 6 month LIBOR + 1.1% + Asian Infrastructure Development and modernization of 0.25% (service fee for transfer Ministry of Housing and 25 years (5 years 11 Investment bank water supply and sewer system of 385.1 to reserves from undisbursed communal services of the grace period) (AIIB) Bukhara region amount) + 0.25% (one time Republic of Uzbekistan service fee);

Ensuring safety of exploitation of Chorvoq hydro power station;

Construction of JFK-1A small hydro power station in Andijan; French Development 55.8 20 years (5 years Ministry of Energy of the 12 6 month Euribor + 1% Agency (AFD) Construction of JFK-2A small hydro mn Euro grace period) Republic of Uzbekistan power station in Andijan;

Construction of Paytoq small hydro power station in Andijan.

International Fund for Diversification and modernization of 25 years (5 years Ministry of Agriculture of the 13 Agricultural 46.2 1.4% + 1.54% (service fee) Agriculture grace period) Republic of Uzbekistan Development 6 month LIBOR + 0.6% yearly Asian Development 25 years (5 years 14 Sustainable hydroenergy project 60.0 rate + yearly charge from "Uzbekhydroenergo" JSC Bank grace period) undisbursed amount 0.15% 6 month LIBOR + 0.5% yearly Asian Development Carrying out reforms in energy 15 years (3 years Ministry of Finance of the 15 200.0 rate + yearly charge from Bank sector grace period) Republic of Uzbekistan undisbursed amount 0.15% 6 month LIBOR + 0.5% yearly Reconstruction of highways “Guzor- Asian Development rate + yearly 0.15% obligatory 24 years (4 years 16 Bukhara-Nukus-Bayney” 964-1204 274.2 Committee for Roads Bank payment + overdue for grace period) kms (240 km) payment term 0.10% yearly Project “Improvement of water supply of Muzrabad district of European Bank for Ministry of Housing and Surkhandarya region through the 6 month LIBOR + fixed spread; 18 years (5 years 17 Reconstruction and 50.0 communal services of the construction of water pipelines from 0.5% commission for obligation grace period) Development (EBRD) Republic of Uzbekistan groundwater sources “Oktash” and “Poshkurt””

European Bank for The project “Vital infrastructure Euribor + 1% + from 81.6 mn 7 years (42 months 18 Reconstruction and support program: support to the undisbursed amount 0.5% "Thermal power stations" JSC Euro grace period) Development (EBRD) electricity sector” yearly + one time commission

The project “Development of the Saudi Fund for system of non-governmental 20 years (5 years Ministry of Pre-school 19 10.9 2% Development preschool education organizations grace period) education on the basis of state partnership” 6 month LIBOR + fixed spread; Support to economic reforms 30 years (5 years Ministry of Finance of the 20 World bank 500.0 service fee 0.25% + primary program (DPO 3) grace period) Republic of Uzbekistan one time payment 0.25% State committee of the 6 month LIBOR + spread; Asian Development Improvement of solid waste 25 years (5 years Republic of Uzbekistan on 21 60.0 charge for debt repayment + Bank management project grace period) economy and environmental service fee 0.15% protection

Urgent support to micro, small and Ministry of economic European Investment medium enterprises affed by the 15 years (5 years development and poverty 22 100.0 6 month LIBOR + 0.56 yearly Bank coronavirus pandemic in grace period) reduction of the Republic of Uzbekistan Uzbekistan

Asian Development Urgent measures against 1.71% + commitment charge bank/ Asian 30 years (10 years Ministry of Health of the 23 coronavirus (COVID-19) infection in 200.0 0.25% yearly + commission on Infrastructure grace period) Republic of Uzbekistan the Republic of Uzbekistan debt provision 0.25% Investment bank

External loan agreements signed under state guarantee in 2020

International Loan Initiator, executing № financial Name of project amount Loan interest rate Maturity agency institutions (million)

Modernization of 1.85% + 0.2% (margin of Turon bank) + 0.25% 10 year (3 yearly grace Uzbekhydroenergo 1 VEB.RF Tupalang hydro power 28,3 mn Euro (Commision fee for opening credit line) + period) JSC station 0.25% (service fee)

Construction of Kuyi 1.85% + 0.2% (margin of Turon bank) + 0.25% 11 year (4 yearly grace Uzbekhydroenergo 2 VEB.RF chokol hydro power 38,8 mn Euro (Commision fee for opening credit line) + period) JSC station 0.25% (service fee)

Construction of 1.85% + 0.2% (margin of Turon bank) + 0.25% Bogishamol 2 small 10 year (3 yearly grace Uzbekhydroenergo 3 VEB.RF 34,2 mn Euro (Commision fee for opening credit line) + hydro power station in period) JSC 0.25% (service fee) Dargom canal

Purchase of 3 Boeing 6 month LIBOR + 3.1%+0.5% (margion of 787-8 aircrafts for 309,0 mn 10 year (3 yearly grace "Uzbekistan airways" 4 CDB National bank) + 0.3% (management fee) + "Uzbekistan airways" dollars period) NAC 0.5% (one time organization fee) national aviacompany

Annex 3

List of projects that components the state external debt portfolio

Education and Health projects financed through state external debt

Loan amount Lender Name of project Initiator, Execution agency № (million)

1. IDA Improving the health care system (Health-3) 59.6 SDR Ministry of Health

2. IDA Improving the health care system (Health-3) 60.6 SDR Ministry of Health

Reform of the primary health care unit in rural areas 3. IBRD 29.5 USD Ministry of Health "Health-1".

Reform of the primary health care unit in rural areas 4. IDA 37.3 SDR Ministry of Health "Health-2".

5. ADB Coronavirus pandemic program 500.0 USD Ministry of Finance

Improving the Emergency Health Care Service 6. IDA 120.0 USD Ministry of Health (EMS)

Ministry of Health / Ministry of 7. IDA Uzbekistan Emergency COVID-19 Response 95.0 USD Finance

8. ADB Improving the health of women and children 40.0 USD Ministry of Health

9. ADB Improving primary care (Primary healthcare) 45.0 USD Ministry of Health

Equipping 171 emergency departments of central 10. KFAED 6.0 KWD Ministry of Health district and city hospitals with medical equipment

Reconstruction and equipping of the Department of 11. KFAED Cardiac Surgery at the Republican Specialized 3.5 KWD Ministry of Health Surgery named after Academician V.Vakhidov

Equipping clinics of medical higher educational 12. KFAED institutions and Republican clinical hospitals with 6.5 KWD Ministry of Health modern medical equipment

Equipping urological institutions with medical equipment and hemodialysis equipment in medical 13. KFAED 7.0 KWD Ministry of Health and preventive institutions of the Republic of Uzbekistan

Construction and equipping of Republican 14. СФР specialized scientific and practical centers with 75.0 SAR Ministry of Health modern medical equipment

Equipping the Republican Center for Emergency 15. IsDB Medical Aid and its regional (oblast) branches with 17.1 ID Ministry of Health medical equipment

Equipping the centers of state sanitary and 16. IsDB epidemiological surveillance of the Republic of 17.4 USD Ministry of Health Uzbekistan with laboratory equipment

Modernization of oncological institutions of the 17. IsDB 37.0 USD Ministry of Health Republic of Uzbekistan

Equipping the Department of Cardiac Surgery of the 18. EDCF Republican Specialized Center for Surgery named 12 725.0 KRW Ministry of Health after Academician V. Vakhidov

Creation of a children's multidisciplinary medical 19. EDCF 122 693.2 KRW Ministry of Health center

Equipping medical institutes and their clinical bases 20. CDB 30.0 CNY Ministry of Health with medical, diagnostic and educational equipment

Technical equipment of the Republican Center for 21. ICO (Spain) 5.5 EUR Ministry of Health Emergency Medical Aid

Healthcare. Reproductive health / maternal and child 22. KFW 5.0 EUR Ministry of Health health component

Equipping the Republican Specialized Center for 23. KFW 3.0 EUR Ministry of Health Cardiology with modern medical equipment

Healthcare. Component "Reconstruction of the 24. KFW 3.0 EUR Ministry of Health regional medical center in Surkhandarya"

25. China Eximbank Equipping cancer centers with diagnostic equipment 20.7 CNY Ministry of Health

26. IDA Early Childhood Development Support Project 59.50 USD Ministry of Preschool Education

Strengthening the material and technical base of 27. IDA 42.20 USD Ministry of Higher Education higher educational institutions

Development of secondary specialized, Secondary vocational education at the 28. ADB 57.00 USD vocational education Ministry of Higher Education

Strengthening the material and technical base of 29. IsDB 44.48 USD Ministry of Higher Education higher educational institutions

Financial Sector Development Agency 30. ADB Small and microfinance development. Phase 1 20.00 USD under the Central Bank and participating commercial banks

Improving the system of publishing textbooks and 31. ADB 14.46 SDR NBU educational literature for secondary schools

Construction and equipping of five vocational Secondary vocational education at the 32. IsDB 7.24 ID colleges Ministry of Higher Education

Development of secondary specialized, Secondary vocational education at the 33. JICA 5 973.12 JPY vocational education Ministry of Higher Education

Supply of equipment for the Center for Secondary Secondary vocational education at the 34. Poland 15.00 USD Specialized, Vocational Education Ministry of Higher Education

Equipping academic lyceums and professional Secondary vocational education at the 35. EDCF 38 481.06 KRW colleges Ministry of Higher Education

Equipping professional colleges with modern Secondary vocational education at the 36. EDCF 31 506.30 KRW teaching and laboratory equipment Ministry of Higher Education

Promoting the development of vocational Secondary vocational education at the 37. KFW education in the field of information and 7.67 EUR Ministry of Higher Education communication technologies

Promoting the development of vocational Secondary vocational education at the 38. KFW education in the field of information and 1.14 EUR Ministry of Higher Education communication technologies

Promoting the development of vocational Secondary vocational education at the 39. KFW education in the field of construction and housing 7.45 EUR Ministry of Higher Education and communal services

40. IDA School education development 14.01 SDR Ministry of State Education

41. IDA The development of school education. Phase 2 18.90 SDR Ministry of State Education

Improving the system of publishing textbooks and 42. ADB educational literature for secondary schools 25.00 USD Ministry of State Education (Phase II)

Implementation of information and communication 43. ADB 20.41 SDR Ministry of State Education technologies in general education schools

Development of general secondary education in 44. ADB 19.12 SDR Ministry of State Education rural schools

Construction and equipping of secondary schools 45. OPEC 5.00 USD Ministry of State Education of the Republic of Uzbekistan

Construction and equipping of secondary schools 46. SFD 60.00 SAR Ministry of State Education of the Republic of Uzbekistan

Construction and equipping of secondary schools 47. IsDB 7.00 ID Ministry of State Education of the Republic of Uzbekistan

Construction and equipping of secondary schools 48. IsDB 7.98 ID Ministry of State Education of the Republic of Uzbekistan - phase II

Informatization of secondary schools in the 49. EDCF 33 842.08 KRW Ministry of State Education Republic of Uzbekistan

50. EDCF Further development of ICT in school education 39 368.33 KRW Ministry of State Education

Equipping secondary schools of the Republic of 51. CDB 157.00 CNY Ministry of State Education Uzbekistan with educational computer classes

52. ADB Education Sector Development Program 38.5 USD Ministry of Finance

53. ADB Education Sector Development Program 70.0 USD Ministry of Finance

Road repair projects financed through state external debt

Development of regional highways of local 54. . IDA 145.0 SDR Republican Road Fund importance

"Republican Road Fund of the State 55. . ADB Development of regional highways 75.3 USD Unitary Enterprise" "Transyulqurilish"

56. . ADB Development of regional highways. Phase 2 74.8 SDR Republican Road Fund

"Republican Road Fund of the State 57. 5 ADB Development of regional highways. Phase 2 240.0 USD Unitary Enterprise" "Transyulqurilish"

58. ADB Development of regional highways. Phase 2 64.7 SDR Republican Road Fund

59. ADB Reconstruction of the highway A-373 "Tashkent-Osh 130.0 USD Republican Road Fund

Reconstruction of the 4P112 "Fergana Ring" highway 60. ADB on the 0-75 km section in the direction of "Pungan- 220.0 USD Republican Road Fund Namangan"

Reconstruction of the highway A-380 "Guzar- 61. . ADB Bukhara-Nukus-Beyneu" on the section 228-315 km 150.0 USD Republican Road Fund (87 km)

Reconstruction of the highway in the direction of 62. . ADB 198.0 USD Republican Road Fund "Karshi-Shakhrisabz-Kitab"

Reconstruction of the road 4P87 Guzar-Chim- 63. . KFAED 6.0 KWD Republican Road Fund Kukdala

Reconstruction of the road 4P87 Guzar-Chim- 64. SFD 112.5 SAR Republican Road Fund Kukdala

Reconstruction of the M39 Tashkent-Termez 65. . IsDB 167.2 USD Republican Road Fund highway

Modernization of an asphalt plant and purchase of 66. . IsDB equipment for the construction and maintenance of 8.2 ID Khokimiyat of Tashkent roads in Tashkent

Transport projects financed by state external debt

LLC "Uzavtotrans service" (Uzbek Ensuring the safety of citizens of the Republic of 67. 6 Agency for Automobile and River Uzbekistan when traveling abroad by transport from 7 CDB 20.0 USD Transport (51%) and the National the territory of the Republic for temporary labor . Bank for Foreign Economic Activity of activities the Republic of Uzbekistan (49%))

68. 6 Purchase of 3 new Boeing 787-8 aircraft for 8 CDB 309.0 USD NBU Uzbekistan Airways .

69. 6 JSC "Uzbekiston temir yullari" Construction of the electrified railway line "Angren- 9 IBRD 195.0 USD JSC "National electrical networks of Pap" . Uzbekistan"

70. 7 0 ADB Reconstruction of railways (Phase I) 62.6 USD JSC "Uzbekiston temir yullari" .

71. 7 1 ADB Reconstruction of railways (Phase II) 70.0 USD JSC "Uzbekiston temir yullari" . 72. 7 2 ADB Electrification of the Marokand-Karshi railway section 100.0 USD JSC "Uzbekiston temir yullari" . 73. 7 JSC "Uzbekiston temir yullari" Electrification of the Pap-Namangan-Andijan railway 3 ADB 80.0 USD JSC "National electrical networks of line . Uzbekistan" 74. 7 Renewal of the locomotive fleet by purchasing 4 ADB 170.0 USD SJCK "Uzbekiston Temir Yullari" locomotives .

75. 7 5 OPEC Modernization of railways 5.0 USD JSC "Uzbekiston temir yullari" .

76. 7 Electrification of the Tashkent (Tukimachi) - Angren 6 KFAED 6.2 KWD JSC "Uzbekiston temir yullari" railway section .

77. 7 7 JICA Construction of a carriage repair plant. 6097.0 JPY JSC "Uzbekiston temir yullari" .

78. 7 Reconstruction of airports in Samarkand, Bukhara 8 JICA 15050.6 JPY JSC "Uzbekiston temir yullari" and Urgench .

79. 7 Reconstruction of airports in Samarkand, Bukhara 9 JICA 2788.7 JPY JSC "Uzbekiston temir yullari" and Urgench .

80. 8 Construction of a new railway line Tashguzar- 0 JICA 16359.0 JPY JSC "Uzbekiston temir yullari" Boysun-Kumkurgan .

81. 8 1 JICA Electrification of the Karshi-Termez railway section 18067.0 JPY JSC "Uzbekiston temir yullari" .

82. 8 Construction of a new international passenger 2 EDCF 238595.9 KRW NJSC "Uzbekistan Havo Yullari" terminal at Tashkent airport (Tashkent-4) .

83. 8 Purchase of two high-speed passenger electric trains 3 ICO (Spain) 57.5 EUR SJCK "Uzbekiston Temir Yullari" Talgo-250 and four economy class cars (Spain) .

84. 8 4 KFW Electrification of the Tashkent-Angren railway section 25.0 EUR JSC "Uzbekiston temir yullari" .

85. 8 Improvement of the ground handling system of the 5 KFW Tashkent International Airport of the Uzbekiston 2.5 EUR NJSC "Uzbekistan Havo Yullari" . Havo Yollari National Airline

Improvement of the ground handling system of the 86. 8 KFW Tashkent International Airport of the Uzbekiston 3.6 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Improvement of the ground handling system of the 87. 8 KFW Tashkent International Airport of the Uzbekiston 11.2 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Improvement of the ground handling system of the 88. 8 KFW Tashkent International Airport of the Uzbekiston 8.1 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Improvement of the ground handling system of the 89. 8 KFW Tashkent International Airport of the Uzbekiston 6.1 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Improvement of the ground handling system of the 90. 9 KFW Tashkent International Airport of the Uzbekiston 1.6 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Improvement of the ground handling system of the 91. 9 KFW Tashkent International Airport of the Uzbekiston 9.2 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Improvement of the ground handling system of the 92. 9 KFW Tashkent International Airport of the Uzbekiston 6.3 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Improvement of the ground handling system of the 93. 9 KFW Tashkent International Airport of the Uzbekiston 1.1 EUR NJSC "Uzbekistan Havo Yullari" Havo Yollari National Airline

Renewal of the passenger locomotive fleet of the 94. 9 China eximbank Uzbekiston Temir Yullari State Railroad Company. 70.1 USD JSC "Uzbekiston temir yullari" Purchase of passenger electric locomotives

Renewal of the locomotive fleet of the Uzbekiston 95. 9 China eximbank Temir Yollari. Purchase of 11 sections of electric 42.2 USD SJCK "Uzbekiston Temir Yullari" freight locomotives

Renovation of the locomotive fleet. Purchase of 11 96. 9 China eximbank 42.2 USD SJCK "Uzbekiston Temir Yullari" electric freight locomotives. Stage II "

Construction of the electrified railway line Angren- 97. 9 China eximbank 350.0 USD JSC "Uzbekiston temir yullari" Pap

Renovation and unification of the aircraft fleet of JSC 98. 9 CDB 92.2 USD NJSC "Uzbekistan Havo Yullari" "Uzbekistan Airways"

Renovation and unification of the aircraft fleet of JSC 99. CDB 179.4 USD NJSC "Uzbekistan Havo Yullari" "Uzbekistan Airways"

Renovation and unification of the aircraft fleet of JSC 100. IsDB 84.0 USD NJSC "Uzbekistan Havo Yullari" "Uzbekistan Airways"

Renovation and unification of the aircraft fleet of JSC 101. IsDB 86.0 USD NJSC "Uzbekistan Havo Yullari" "Uzbekistan Airways"

102. China eximbank Modernization of JSC "Shargunkumir" 89.8 USD JSC "Uzbekiston temir yullari"

Purchase of rolling stock cars for the overground 103. VEB. RF 22.1 EUR NBU metro line in the city of Tashkent

104. 1 IBRD Development of urban passenger transport. 11.5 USD Uztransanoat

Projects to improve energy supply and chemical industry, funded by state external debt

Expansion of production capacities of the Dehkanabad Dehkanabad Potash Fertilizers Plant 105. China Eximbank 110.5 USD Potash Fertilizer Plant (II stage) " JSC "Uzkimyosanoat"

Expansion of soda ash production at the Kungrad soda plant with an increase in the production of limestone at Kungrad soda plant JSC 106. China Eximbank 77.1 USD the Jamansai quarry and technical salt at the "Uzkimyosanoat" Barsakelmes deposit

Budget support (Attraction of a loan from the French Development Agency in the amount of 150 million 107. AFD Euros to support the budget of the Republic of 150.0 EUR Ministry of Finance Uzbekistan in the implementation of reforms in the electricity sector)

Modernization of solid waste management in 108. AFD 23.5 EUR Khokimiyat of Tashkent Samarkand

109. Luxembourg Organization of nitric acid production at Navoiazot JSC 115.6 USD JSC "Navoiazot"

Equipping the enterprises of NHK "Uzbekneftegaz" 110. China Eximbank 172.6 USD NHC "Uzbekneftegaz" with drilling rigs and 3D seismic complexes

Synthetic fuel production from purified methane on the 111. Eximbank of Russia 100.0 USD LLC "GTL" basis of Shurtan GKhK

Synthetic fuel production from purified methane on the 112. Gazprombank 120.0 USD LLC "GTL" basis of Shurtan GKhK

Synthetic fuel production from purified methane on the 113. CDB (GTL) 1200.0 USD LLC "GTL" basis of Shurtan GKhK

Synthetic fuel production from purified methane on the 114. KEXIM (Direct) 500.0 USD LLC "GTL" basis of Shurtan GKhK

Synthetic fuel production from purified methane on the 115. KEXIM (Guarantee) 100.0 USD LLC "GTL" basis of Shurtan GKhK

KEXIM Covered (K- Synthetic fuel production from purified methane on the 116. 280.0 USD LLC "GTL" SURE) basis of Shurtan GKhK

Blue Amber Financing of the "Program to increase the production 117. 360.0 USD JSC "Uzbekneftegaz" Investment of hydrocarbon raw materials for 2017-2021"

Blue Amber Financing of the "Program to increase the production 118. 1600.0 CNY JSC "Uzbekneftegaz" Investment of hydrocarbon raw materials for 2017-2021"

Construction of ammonia and urea production at 119. JBIC 69240.0 JPY JSC "Uzkimyosanoat" Navoiazot JSC

Acceleration of construction of the Dehkanabad potash 120. China Eximbank 41.7 USD JSC "Uzkimyosanoat" fertilizer plant

Construction of a complex for the production of 121. China Eximbank polyvinyl chloride (PVC). caustic soda and methanol on 373.8 USD JSC "Uzkimyosanoat" the basis of Navoiazot JSC

Organization of production of conveyor belts. 122. China Eximbank agricultural and automobile tires on the territory of FIZ 156.4 USD JSC "Uzkimyosanoat" Angren "

Construction of ammonia and urea production complex 123. JBIC 2500.0 JPY JSC "Navoiazot" for Navoiazot JSC

Provision of a control system and technological 124. China Eximbank communication for the gas transmission system of JSC 73.6 USD JSC "Uztransgaz" "Uztransgaz"

Expansion of the Talimarjan TPP with the construction 125. ADB of two combined cycle plants with a capacity of 450 340.0 USD JSC "Thermal Power Plants" MW each

Expansion of the Talimarjan TPP with the construction 126. ADB of two combined cycle plants with a capacity of 450 6.5 SDR JSC "Thermal Power Plants" MW each

Construction of two combined cycle gas turbines with a 127. ADB 300.0 USD JSC "Thermal Power Plants" capacity of 230-280 MW at the Takhiatash TPP

Installation of additional power generating equipment 128. ADB with a capacity of 850 to 950 MW at the Talimarjan 450.0 USD JSC "Thermal Power Plants" TPP

129. JICA Modernization of the Tashkent thermal power plant 228.7 JPY JSC "Thermal Power Plants"

Expansion of the Talimarjan TPP with the construction 130. JICA of two combined cycle plants with a capacity of 450 27423.0 JPY JSC "Thermal Power Plants" MW each

Expansion of the Navoi TPP with the construction of a 131. JICA second combined cycle plant with a capacity of 450 34877.0 JPY JSC "Thermal Power Plants" MW

132. JICA Construction of the Turakurgan thermal power plant 71839.0 JPY JSC "Thermal Power Plants"

133. JICA Capacity Building in the Electricity Sector 3000.0 JPY JSC "Thermal Power Plants"

Construction of 4 gas turbines of 27 MW each in 134. JICA 12000.0 JPY JSC "Thermal Power Plants" Yunusabad district of Tashkent city

135. JICA Power Sector Capacity Development (Phase 2) 36621.0 JPY JSC "Thermal Power Plants"

Construction of 500 kV overhead line Syrdarya TPP - 136. China Eximbank 33.0 USD JSC "Thermal Power Plants" Novo-Angrenskaya TPP

Construction at Angren TPP of a 130-150 MW power 137. China Eximbank 165.6 USD JSC "Thermal Power Plants" unit with heat extraction for burning high-ash coal

Phased modernization of power units of the 138. VEB. RF 106.7 EUR NBU Syrdarinskaya HPP

Construction of external power supply facilities for the city of Tashkent (220 kV Keles substation with 220 kV JSC "National Electric Networks of 139. China Eximbank 26.4 USD overhead lines. 110 kV Navoi substation and 110 kV Uzbekistan" Sayilgoh substation with 110 kV cable line)

Conversion of power units No. 1-5 of the Novo- Angrenskaya TPP to year-round coal combustion 140. China Eximbank 113.8 USD JSC "Uzbekugol" (stage I) with the modernization of the Angrensky open-pit mine

Construction of HV-line-500 kV Syrdarya TPP - SS JSC "National Electric Networks of 141. IsDB 11.1 ID Sogdiana (II chain) Uzbekistan"

Construction of HV-line-500 kV Syrdarya TPP - SS JSC "National Electric Networks of 142. IsDB 6.7 ID Sogdiana (II chain) Uzbekistan"

Construction of a 500 kV power transmission line JSC "National Electric Networks of 143. IsDB between SS "Guzar" - SS "Surkhan" with an 42.0 USD Uzbekistan" autotransformer at SS "Surkhan"

144. ADB sustainable hydropower development project 60.0 USD JSC "Uzbekhydroenergo"

Improving the safety of the Charvak HPP. "construction 145. AFD of a small HPP-1A, a small HPP-2A and the 55.8 EUR 0 construction of a small HPP-2 in the Andijan region"

Construction of a small hydroelectric power station at the Tuyabuguz reservoir, a cascade of small hydroelectric power plants on the Big Fergana Canal, 146. China Eximbank Kamchik hydroelectric power station on the river. 58.5 USD JSC "Uzbekhydroenergo" Akhangaran, a cascade of Zarchobsky small hydroelectric power plants on the river. Tupolang with the supply of equipment from China

Modernization of UE "Cascade of Nizhne-Bozsuyosky HPP" (HPP-14). UE "Cascade of Tashkent HPPs" 147. China Eximbank 63.0 USD JSC "Uzbekhydroenergo" (HPP-9), UE "Cascade of Shakhrikhan HPPs" (UFH-2) on a turnkey basis

Modernization of hydroelectric power plants in 148. IsDB Uzbekistan (Farhad HPP and HPP-14 of the Lower 100.0 USD JSC "Uzbekhydroenergo" Bozsuy HPP cascade)

Modernization of HPPs of the Tashkent, Shakhrikhan 149. IsDB 100.0 USD JSC "Uzbekhydroenergo" and Kadyrinsky cascades

Modernization of UE "Farhad HPP" in the city of Shirin, 150. VEB. RF 45.2 EUR NBU Syrdara region

151. VEB. RF Modernization of the Tupalangskaya HPP 34.2 EUR JSCB Turonbank

Construction of the Nizhnechatkal hydroelectric power 152. VEB. RF 38.8 EUR JSCB Turonbank station on the Chatkal river

Construction of the Bagishamal small hydroelectric power station No. 2 on the Dargom canal, the 153. VEB. RF construction of a small hydroelectric power station at 28.3 EUR JSCB Turonbank the 102 + 00 picket of the Dargom canal in the Samarkand region

154. China Eximbank Small HPP Tuyabuguz 22.9 USD JSC "Uzbekhydroenergo"

Modernization of the cascade of Chirchik, Samarkand, 155. China Eximbank 40.7 USD JSC "Uzbekhydroenergo" Tashkent hydroelectric power plants

Construction of a hydroelectric power station on the 156. China Eximbank 24.8 USD JSC "Uzbekhydroenergo" Dargom Canal

157. EBRD Construction of substation Muruntau 82.5 USD JSC "UzbekEnergo"

Expansion of the Talimarjan TPP with the construction 158. EBRD of new CCGT units with a total capacity of at least 900 240.0 USD JSC "UzbekEnergo" MW

Implementation of an automated system for accounting 159. IBRD 180.0 USD Regional Electric Networks JSC and control of electricity consumption.

Implementation of an automated system for accounting and control of electricity consumption. Electricity 160. ADB consumption metering system for 0.4 kV consumers in 150.0 USD Regional Electric Networks JSC Bukhara, Jizzakh and Samarkand regions of the Republic of Uzbekistan

Construction of two combined cycle gas turbines with a 161. ADB 300.0 USD Regional Electric Networks JSC capacity of 230-280 MW at the Takhiatash TPP

162. JICA Modernization of Navoi TPP (Phase 2) 128246.0 JPY Navoi IES JSC

Implementation of an automated system for accounting and control of electricity consumption. Electricity 163. ИБР consumption metering system for 0.4 kV consumers of 130.0 USD Regional Electric Networks JSC the Republic of Karakalpakstan, Navoi and Khorezm regions of the Republic of Uzbekistan

Ministry of Economy and commercial 164. EIB Increasing the energy efficiency of Ruz 113.7 EUR banks

Improving energy efficiency of industrial enterprises Ministry of Economy and commercial 165. IBRD 200.0 USD (Additional funding-2) banks

Ministry of Economy and commercial 166. IDA Improving energy efficiency of industrial enterprises 16.5 SDR banks

Ministry of Economy and commercial 167. IDA Improving energy efficiency of industrial enterprises 66.1 SDR banks

Construction of 500 kV overhead line "Talimarjan TPP 168. IBRD - Substation Sogdiana" with 500 kV outdoor switchgear 110.0 USD Regional Electric Networks JSC at Talimarjan TPP

Modernization and reconstruction of backbone 169. IBRD 92.0 USD Regional Electric Networks JSC substations

Modernization and reconstruction of backbone 170. IDA 39.2 USD Regional Electric Networks JSC substations

Modernization and reconstruction of backbone 171. IDA 18.8 USD Regional Electric Networks JSC substations

Construction of a solar photovoltaic station with a 172. ADB 65.8 SDR Regional Electric Networks JSC capacity of 100 MW. in the Samarkand region

Construction of a solar photovoltaic station with a 173. ADB 5.8 SDR Regional Electric Networks JSC capacity of 100 MW. in the Samarkand region

Construction of a transmission line-220 kV Takhiatash 174. ADB TPP-SS "Khorezm" - the settlement of Sarymay 150.0 USD Regional Electric Networks JSC (Khorezm region)

Projects in the field of housing and communal services financed by state external debt

175. IBRD Water supply to Bukhara and Samarkand 20.0 USD UA "Uzkommunkhizmat"

176. IDA Water supply to Bukhara and Samarkand 22.1 SDR UA "Uzkommunkhizmat"

Reconstruction of treatment facilities and 177. IDA sewerage systems in the cities of Bukhara and 35.6 SDR UA "Uzkommunkhizmat" Samarkand

Improvement of water supply to regional centers and rural settlements of Bayaut, 178. IDA 57.1 SDR UA "Uzkommunkhizmat" Khavast, Mirzaabad, Sardoba and Akaltyn districts of Syrdarya region

Improving the provision of the population of the 179. IDA Alat and Karakul districts of the Bukhara region 53.2 SDR UA "Uzkommunkhizmat" with high-quality drinking water

Reconstruction of treatment facilities and 180. IDA sewerage systems in the cities of Bukhara and 67.9 SDR UA "Uzkommunkhizmat" Samarkand

Reconstruction of treatment facilities and 181. IDA sewerage systems in the cities of Bukhara and 6.8 SDR UA "Uzkommunkhizmat" Samarkand

Improvement of the sewerage system in 182. IsDB 35.4 USD Khokimiyat of Tashkent Tashkent

183. EBRD District heat supply of Tashkent 100.0 USD Tashteploenergo

184. EBRD District heat supply of Tashkent 50.0 USD Tashteploenergo

Project "Clean Water, Sanitation and State 185. IBRD 75.0 USD Ministry of Economy Health".

Improving the energy efficiency of the central 186. IDA 140.0 USD UA "Uzkommunkhizmat" heating system

Improvement of the water supply system in the 187. ADB 36.0 USD UA "Uzkommunkhizmat" cities of Gulistan, Jizzakh and Karshi

Water supply and sanitation of rural 188. ADB 17.3 SDR UA "Uzkommunkhizmat" settlements of Kashkadarya and Navoi regions

Water supply and sanitation of Surkhandarya 189. ADB 19.4 SDR UA "Uzkommunkhizmat" region

Modernization of the interregional Damkhoja water pipeline with connection to the regional UA "Uzkommunkhizmat" and 190. ADB centers of Navoi and Bukhara regions. 38.3 SDR participating khokimiyats of regions Reconstruction of the sewerage system in Termez

Reconstruction of water supply and sewerage systems in Kokand and Andijan cities and 191. ADB 90.5 SDR UA "Uzkommunkhizmat" water supply systems in Fergana and Margilan and Rishtan district center

Reconstruction and construction of sewerage networks in the city of Andijan. Improving water 192. ADB supply to settlements in Jizzakh and Khorezm 36.8 SDR UA "Uzkommunkhizmat" regions, as well as in the Republic of Karakalpakstan

Reconstruction of sewerage systems in 193. ADB 28.0 SDR UA "Uzkommunkhizmat" Fergana and Margilan cities

Reconstruction and construction of water 194. ADB supply and sewerage systems in cities and 86.5 SDR UA "Uzkommunkhizmat" districts of Tashkent region (Phase 1)

Development of water supply systems in the 195. ADB 145.0 USD UA "Uzkommunkhizmat" western part of Uzbekistan

Improving drinking water supply for the rural 196. OPEC population of the Koshrabad district of the 11.0 USD UA "Uzkommunkhizmat" Samarkand region

Rehabilitation and construction of water supply 197. OPEC networks in the cities of Kasan, Mubarak, and 16.3 USD UA "Uzkommunkhizmat" others

Improvement of water supply in the villages of 198. OPEC Zarkent. Khadikent, Iskovot, Bulokboshi, 54.0 USD UA "Uzkommunkhizmat" Yoshlik and Namangan city, Namangan region

Improving the quality of water supply in the city 199. KFAED 6.0 KWD UA "Uzkommunkhizmat" of Nukus and Urgench.

Reconstruction of the water supply system of the Kasan and Muborek regional centers and 200. SFD rural settlements adjacent to the water pipeline 98.9 SAR UA "Uzkommunkhizmat" from the Kitabo-Shakhrisabz groundwater deposit

Reconstruction and expansion of sewerage 201. IsDB systems in the cities of Gulistan, Shirin and 57.5 USD UA "Uzkommunkhizmat" Yangier, Syrdarya region

Acquisition of gas meters under an interest- 202. CDB free loan from the government of the People's 30.0 CNY UA "Uzkommunkhizmat" Republic of China

Equipping the housing stock of the Republic of 203. China Eximbank Uzbekistan with cold and hot water metering 17.3 USD UA "Uzkommunkhizmat" devices

Radical improvement of water supply to the UA "Uzkommunkhizmat" and 204. China Eximbank cities of Fergana, Margilan and settlements 45.0 USD participating khokimiyats of regions adjacent to the water pipeline

Development of the sewerage system in the Khokimiyat of Jizzakh region and UA 205. ADB 54.0 SDR city of Jizzak "Uzkommunkhizmat"

Improvement of the sewerage system in 206. IsDB 35.4 USD Khokimiyat of Tashkent Tashkent

Improving drinking water supply for the rural 207. SFD population of the Koshrabad district of the 70.0 SAR UA "Uzkommunkhizmat" Samarkand region

Improvement of the drinking water supply Ministry of Macroeconomics and 208. ADB system in the Republic of Karakalpakstan and 38.0 USD Statistics of the Republic of Khorezm region Uzbekistan

Modernization of the water supply and Ministry of Housing and Communal 209. EBRD 60.0 USD sewerage system in the Namangan region Services

Ministry of Housing and Communal 210. EBRD Improvement of water supply in Tashkent city 30.0 USD Services

Modernization of the water supply and Ministry of Housing and Communal 211. EBRD 60.0 USD sewerage system in the Khorezm region Services

Reconstruction and construction of water Ministry of Housing and Communal 212. ADB supply and sewerage systems in cities and 105.3 USD Services districts of Tashkent region (Phase-2)

Ministry of Housing and Communal 213. ADB Urban Services Project 15.0 USD Services

Drinking water supply for the rural population of 214. KFW 10.2 EUR "Obi Hayot"Association the Aral Sea region

Khokimiyat of Bukhara region and 215. ICO (Spain) Improving water supply in Bukhara region 8.7 EUR "Suvokava"

Installation for water purification for drinking Council of Ministers of the Republic of 216. Natixis 6.0 EUR water supply to the population of Muynak Karakalpakstan

Modernization, reconstruction and construction of water supply, sewerage and road network 217. ADFD systems in Samarkand in preparation for the 18.4 AED Khokimiyat of Samarkand upcoming summit of the Shanghai Cooperation Organization in 2022

Increase, modernization of production and 218. Natixis 26.8 EUR Khokimiyat of Samarkand distribution of drinking water in Samarkand

Drainage project of Uzbekistan. drainage 219. IBRD 35.0 USD Ministry of Water Resources diversion project from southern Karakalpakstan

Improving water resources management in 220. IBRD 18.3 USD Ministry of Water Resources South Karakalpakstan

Drainage project. Drainage diversion project 221. IDA 25.5 SDR Ministry of Water Resources from South Karakalpakstan

Water resources management in the Fergana 222. IDA 42.2 SDR Ministry of Water Resources Valley

Water resources management in the Fergana 223. IDA 144.9 USD Ministry of Water Resources Valley. Phase 2

Rehabilitation of the Amu-Zang machine 224. ADB 73.2 USD Ministry of Water Resources channel system

Improvement of land reclamation condition in 225. ADB 32.6 USD Ministry of Water Resources Bukhara, Navoi and Kashkadarya regions

Improvement of land reclamation condition in 226. ADB 18.5 SDR Ministry of Water Resources Bukhara, Navoi and Kashkadarya regions

Water resources management in the Fergana 227. ADB 85.0 USD Ministry of Water Resources and Zarafshan valleys

Water resources management in the Fergana 228. ADB 10.0 SDR Ministry of Water Resources and Zarafshan valleys

Rehabilitation of the Amu-Bukhara irrigation 229. ADB 174.0 USD Ministry of Water Resources system

Rehabilitation of the Amu-Bukhara irrigation 230. ADB 30.5 SDR Ministry of Water Resources system

Rehabilitation of the Kuyu-Mazar pumping 231. OPEC 12.0 USD Ministry of Water Resources station

Restoration of irrigation and drainage networks 232. OPEC 12.7 USD Ministry of Water Resources in Jizzakh and Syrdarya regions

Restoration of irrigation and drainage networks 233. KFAED 4.3 KWD Ministry of Water Resources in Jizzakh and Syrdarya regions

Construction of the pumping station "Alat 234. SFD basic" and rehabilitation of the pumping station 45.0 SAR Ministry of Water Resources "Alat auxiliary" in the Bukhara region

Restoration of irrigation and drainage networks 235. IsDB 52.6 USD Ministry of Water Resources in Jizzakh and Syrdarya regions

Rehabilitation of the main irrigation canals of 236. IsDB the Tashsakinsky system of the Khorezm 70.4 USD Ministry of Water Resources region "

Rehabilitation of the main irrigation canals of 237. IsDB the Tashsakinsky system of the Khorezm 20.0 USD Ministry of Water Resources region "

Improving water management in Surkhandarya 238. IsDB region (reconstruction of the Khazarbag- 89.6 USD Ministry of Water Resources Akkapchigay canal system)

Rehabilitation of the Amu-Bukhara irrigation 239. JICA 11872.0 JPY Ministry of Water Resources system

Modernization of the Southern Canal (Hungry 240. Natixis 15.2 EUR Ministry of Water Resources Steppe) - Phase II

Reconstruction of pumping stations "Navoi" 241. Natixis 15.0 EUR Ministry of Water Resources and "Uchkara" in the Navoi region

Reconstruction of the pumping station 242. China Eximbank 4.2 USD Ministry of Water Resources "Kasaba" in the Navoi region

Reconstruction of the pumping station "Raish- 243. China Eximbank 4.3 USD Ministry of Water Resources Khakent-2" in the Andijan region

Purchase of excavators, bulldozers and dredgers for land reclamation and increasing 244. CDB water availability of irrigated lands in the 122.0 CNY Ministry of Water Resources Republic of Karakalpakstan and Khorezm region

Improvement of land reclamation condition in 245. China Eximbank 5.1 USD Ministry of Water Resources Bukhara, Navoi and Kashkadarya regions

Supply of equipment from China for HPP-2 at the Andijan reservoir 246. China Eximbank 5.9 USD Ministry of Water Resources Supply of equipment from China for SHPP at the Akhangaran reservoir

Supply of equipment from China for HPP-2 at 247. China Eximbank 10.0 USD Ministry of Water Resources the Andijan reservoir

Improvement of the reclamation network of 248. China Eximbank 8.5 USD Ministry of Water Resources arable lands in Central Fergana

Rehabilitation of the Ulugnar pumping station 249. China Eximbank 5.2 USD Ministry of Water Resources in Andijan region

Reconstruction of the pumping station "Raish- 250. China Eximbank 2.1 USD Ministry of Water Resources Khakent-1

Reconstruction of the pumping station 251. China Eximbank 5.8 USD Ministry of Water Resources "Gulbahor 1K" in Andijan region

Equipping basin irrigation system controls with 252. China Eximbank 11.1 USD Ministry of Water Resources excavators and bulldozers for cleaning canals

Reconstruction of the pumping station 253. China Eximbank 3.8 USD Ministry of Water Resources "Kukumbay" in the Namangan region

Reconstruction of the Kanimekh-1 pumping 254. China Eximbank 4.9 USD Ministry of Water Resources station in the Navoi region

Construction of the pumping station "Dustlik 1- 255. China Eximbank 7.0 USD Ministry of Water Resources 2-3" in the Kashkadarya region

Reconstruction of the pumping station "Asaka- 256. China Eximbank 4.3 USD Ministry of Water Resources Adir" in Andijan region

Improvement of the water supply system of the 257. EBRD 10.0 USD Khokimiyat of Tashkent city of Tashkent.

Modernization of property registration and 258. IDA 20.0 USD Госкомземгеодез-кадастр cadastre systems

Housing projects financed by state external debt

259. IBRD Project "Clean Water, Sanitation and State Health". 75.0 USD Ministry of Economy

Ministry of Economy and Poverty 260. IDA Prosperous villages 100.0 USD Reduction

Ministry of Economy and Poverty 261. ADB Development of small and medium-sized businesses 50.0 USD Reduction

Ministry of Economy and Poverty 262. ADB Rural housing development 200.0 USD Reduction

Ministry of Economy and Poverty 263. ADB Rural housing development 200.0 USD Reduction

Ministry of Economy and Poverty 264. ADB Rural housing development 100.0 USD Reduction

Program for the construction of affordable residential Ministry of Economy and Poverty 265. ADB buildings based on updated standard projects in rural 500.0 USD Reduction areas for 2017 - 2021. Phase-2

Development of housing construction in rural areas for the construction of individual housing according to Ministry of Economy and Poverty 266. KFAED 7.0 KWD standard projects with the participation of the Kuwait Reduction Fund for Arab Economic Development.

Development of housing construction in rural areas of Ministry of Economy and Poverty 267. SFD 112.5 SAR the Khorezm region in 2016 Reduction

Development of housing construction in rural areas of Ministry of Economy and Poverty 268. SFD 112.5 SAR the Republic of Karakalpakstan in 2016 Reduction

Construction of modern housing and related Ministry of Economy and Poverty 269. SFD infrastructure in Navoi, Fergana and Tashkent 187.0 SAR Reduction regions

Development of housing construction in rural areas Ministry of Economy and Poverty 270. IsDB 113.0 USD (Phase 2) (1-tranche) Reduction

Development of housing construction in rural areas Ministry of Economy and Poverty 271. IsDB 93.0 USD (Phase 2) (2-tranche) Reduction

Development of housing construction in rural areas Ministry of Economy and Poverty 272. IsDB 94.0 USD (Phase 2) (3-tranche) Reduction

273. IBRD Integrated development of medium-sized cities 100.0 USD MIFT

Introduction of energy efficient technologies in the 274. IsDB 36.0 USD Khokimiyat of Tashkent street lighting system of the city of Tashkent

Engineering company "Qishloq 275. KFAED Rural housing project 9.0 KWD Qurilish Invest"

Food projects financed by state external debt

Improvement of the management organization and HC "Uzbekozikovkat-holding" 276. KFW 1.3 EUR development of the food industry in the Republic. (Uzgushtsutsanoat)

Improvement of the management organization and HC "Uzbekozikovkat-holding" 277. KFW 4.0 EUR development of the food industry in the Republic. (Uzgushtsutsanoat)

Improvement of the management organization and 278. KFW 2.3 EUR HC "Uzbekozikovkat-holding" development of the food industry in the Republic.

Improvement of the management organization and 279. KFW 3.1 EUR HC "Uzbekozikovkat-holding" development of the food industry in the Republic.

Agricultural projects financed by state external debt

Agreement between the Government of the Republic 280. USDA of Uzbekistan and the Government of the United 9.8 USD MT Invest-Impeks States of America on the sale of agricultural goods

Agreement between the Government of the Republic MT Invest-Impeks 281. USDA of Uzbekistan and the Government of the United 20.0 USD and Uzbeksavdo States of America on the sale of agricultural goods

Agreement between the Government of the Republic 282. USDA of Uzbekistan and the Government of the United 20.0 USD Uzbeksavdo States of America on the sale of agricultural goods

Agreement between the Government of the Republic 283. USDA of Uzbekistan and the Government of the United 10.0 USD "UzDonmahsulot" JSC States of America on the sale of agricultural goods

the rural restructuring agency under Development of the horticultural sector in the Ministry of Agriculture and Water 284. IBRD 150.0 USD Republic of Uzbekistan Resources of the Republic of Uzbekistan the rural restructuring agency under Development of the livestock sector in the Republic Ministry of Agriculture and Water 285. IBRD 30.0 USD of Uzbekistan Resources of the Republic of Uzbekistan the rural restructuring agency under Development of the horticultural sector in the Ministry of Agriculture and Water 286. IBRD 500.0 USD Republic of Uzbekistan Resources of the Republic of Uzbekistan the rural restructuring agency under Development of a rural enterprise in the Fergana Ministry of Agriculture and Water 287. IBRD 200.0 USD Valley Resources of the Republic of Uzbekistan

the rural restructuring agency under Support for the development of the fruit and Ministry of Agriculture and Water 288. IFAD 8.6 SDR vegetable sector in the Republic of Uzbekistan Resources of the Republic of Uzbekistan

the rural restructuring agency under Modernization and diversification of agricultural Ministry of Agriculture and Water 289. IFAD 46.2 USD enterprises Resources of the Republic of Uzbekistan

the rural restructuring agency under Support for the development of the fruit and Ministry of Agriculture and Water 290. ITFC 8.5 EUR vegetable sector in the Republic of Uzbekistan Resources of the Republic of Uzbekistan

the rural restructuring agency under Development of the value chain in the dairy sector of Ministry of Agriculture and Water 291. IFAD 23.6 SDR Uzbekistan Resources of the Republic of Uzbekistan

the rural restructuring agency under Climate Change Adaptation and Mitigation Program Ministry of Agriculture and Water 292. IDA 10.0 SDR for the Aral Sea Basin Resources of the Republic of Uzbekistan

the rural restructuring agency under Development of the livestock sector in the Republic Ministry of Agriculture and Water 293. IDA 120.0 USD of Uzbekistan Resources of the Republic of Uzbekistan the rural restructuring agency under Ministry of Agriculture and Water 294. ADB Horticulture value chain development 111.6 SDR Resources of the Republic of Uzbekistan the rural restructuring agency under Ministry of Agriculture and Water 295. ADB Horticulture value chain development 198.0 USD Resources of the Republic of Uzbekistan the rural restructuring agency under Ministry of Agriculture and Water 296. ADB Horticulture value chain infrastructure development 197.0 USD Resources of the Republic of Uzbekistan the rural restructuring agency under Development of the creation of a value chain in the Ministry of Agriculture and Water 297. ADB 150.0 USD field of animal husbandry Resources of the Republic of Uzbekistan the rural restructuring agency under Development of value chain creation in the Ministry of Agriculture and Water 298. JICA 23 023.0 JPY horticulture industry Resources of the Republic of Uzbekistan 63

299. IBRD Support for agricultural enterprises 36.1 USD Ministry of Agriculture

Modernization of agriculture of the Republic of 300. IBRD 181.0 USD Ministry of Agriculture Uzbekistan

Ministry of Agriculture and Water 301. IDA Support for agricultural enterprises. Phase II 57.3 SDR Management and commercial banks

Ministry of Agriculture and Water 302. IDA Support for agricultural enterprises. Phase II 26.4 SDR Management and commercial banks

Improving water resources management in South 303. IDA 156.9 SDR Ministry of Agriculture Karakalpakstan

304. IDA Agricultural sector modernization 219.0 USD Ministry of Agriculture

305. IDA Agricultural sector modernization 100.0 USD Ministry of Agriculture

Support for the development of infrastructure, as well 306. ADB as restructured farms in the Akalta district of the 36.0 USD Ministry of Agriculture Syrdarya region

307. ADB Increasing the productivity of grain crops 26.0 USD Ministry of Agriculture

Rehabilitation of the pumping cascade in Karshi- Ministry of Agriculture and Water 308. SFD 162.0 SAR phase 2 Management

Improvement of the reclamation state of the lands of Ministry of Agriculture and Water 309. CDB 30.0 CNY the Syrdarya and Jizzakh regions Management

Measures for the efficient use of funds in the Fund for state support of Agriculture 310. ITFC 100.0 USD International Islamic Trade Finance Corporation under the Ministry of Finance

Telecommunications projects financed by state external debt

Use of loans provided to the Republic of Uzbekistan 311. KFW by credit institutions of the Federal Republic of 12.3 EUR JSC "Uzbektelecom" Germany

312. JICA Development of telecommunications in the Republic. 12 587.1 JPY JSC "Uzimpeksaloqa"

313. JICA Development of telecommunications in the Republic. 12 121.1 JPY JSC "Uzimpeksaloqa"

Reconstruction and expansion of switching systems 314. EDCF and inter-office communication networks of Andijan 12 486.0 KRW JSC "Uzimpeksaloqa" and Fergana regions

The Ministry for Development of information and communications 315. EDCF National General Education Electronic Library 17 894.7 KRW technologies of the Republic of Uzbekistan

The Ministry for Development of Creation of the Data Processing Center (DPC) of the information and communications 316. EDCF 32 210.5 KRW "Electronic Government" system technologies of the Republic of Uzbekistan

The Ministry for Development of Development of the terrestrial digital broadcasting information and communications 317. JBIC 7 438.6 JPY network of the Republic of Uzbekistan technologies of the Republic of Uzbekistan

The Ministry for Development of Development of information and communication information and communications 318. China Eximbank 6.4 USD structure of JSC "Uzbektelecom" in rural areas technologies of the Republic of Uzbekistan

The Ministry for Development of Development of information and communication information and communications 319. China Eximbank 4.4 USD structure of JSC "Uzbektelecom" in rural areas technologies of the Republic of Uzbekistan

320. JBIC For telecommunication communication 7 879.7 JPY NBU

321. JBIC For telecommunication communication 1 390.5 JPY NBU

Organization of TV and radio broadcasting using Uzbek Agency of Communications 322. China Eximbank 5.0 USD satellite communication systems and Informatization

Reconstruction and development of the Uzbek Agency of Communications 323. China Eximbank telecommunications network of the Uzbektelecom 8.0 USD and Informatization stock company

State Committee of the Republic of Creation of the National Geographic information Uzbekistan for Land Resources, 324. EDCF 16 500.0 KRW system Geodesy, Cartography and State Cadastre

Financial projects financed by state external debt

On the use of the credit line of the German JSCB "Ipak Yuli" and JSCB 325. KFW 2.6 EUR Development Bank KFW "Uzpromstroybank"

On the use of the credit line of the German JSCB "Ipak Yuli" and JSCB 326. KFW 4.6 EUR Development Bank KFW "Uzpromstroybank"

On the use of the credit line of the German JSCB "Ipak Yuli" and JSCB 327. KFW 6.0 EUR Development Bank KFW "Uzpromstroybank"

JSICB "Ipak Yuli", JSCB Support to the financial sector with the attraction of 328. KFW 17.3 EUR "Hamkorbank" and JSCB funds from the German Development Bank "KFW" "Ipotekabank"

Use of loans provided to the Republic of Uzbekistan 329. KFW by credit institutions of the Federal Republic of 2.8 EUR Association "Uzagromashservice" Germany

Use of loans provided to the Republic of Uzbekistan 330. KFW by credit institutions of the Federal Republic of 3.6 EUR Association "Uzagromashservice" Germany

Use of loans provided to the Republic of Uzbekistan 331. KFW by credit institutions of the Federal Republic of 5.1 EUR Association "Uzagromashservice" Germany

332. IBRD Enterprise Institutional Development Project. 28.0 USD State Property Committee

Financial Sector Development Agency 333. ADB Small and microfinance development. Phase 1 20.0 USD under the Central Bank and participating commercial banks

Institutional development of the financial sector with Ministry of Finance and Central bank 334. IBRD 25.0 USD the participation of IBRD of Uzbekistan

335. IDA Institutional capacity building in Uzbekistan 33.0 USD Ministry of Finance

Ministry of Economy and Poverty 336. ADB Small and microfinance development. 50.0 USD Reduction

Project "emergency support for micro, small and Agency for Enterprise Development 337. EIB medium enterprises affected by the coronavirus 100.0 USD under the Ministry of Economic pandemic in Uzbekistan" Development and Poverty Reduction

338. ADB State financial management reform 20.7 USD Ministry of Finance

339. ADB Small and microfinance development. Phase 2 50.0 USD Ministry of Finance

340. ADB Small and microfinance development. Phase 3 50.0 USD Ministry of Finance

341. ADB Development of small and medium-sized businesses 100.0 USD Ministry of Finance

342. ADB Mortage Market Sector Development Project 50.0 USD Ministry of Finance

343. ADB Mortage Market Sector Development Project 150.0 USD Ministry of Finance

344. ADB Mortage Market Sector Development Project 150.0 USD Ministry of Finance

Budget support projects financed by state external debt

Ministry of Finance and Central bank 345. IBRD Reform 265.5 SDR of Uzbekistan

Ensuring the sustainability of market reforms in 346. IBRD 500.0 USD Ministry of Finance Uzbekistan

347. IBRD Supporting market reforms in Uzbekistan 200.0 USD Ministry of Finance

Reforms for a sustainable transition to a market 348. IDA 500.0 USD Ministry of Finance economy

349. ADB Economic Governance Improvement Program 300.0 USD Ministry of Finance

Economic Governance Improvement Program 350. ADB 300.0 USD Ministry of Finance (subprogramme 2)

Economic Governance Improvement Program 351. IBRD 250.0 USD Ministry of Finance (DPO 3)

Economic Governance Improvement Program 352. IDA 85.0 USD Ministry of Finance (DPO 3)

Economic Governance Improvement Program 353. IDA 165.0 USD Ministry of Finance (DPO 3)

354. AFD Budget support 150.0 EUR Ministry of Finance

355. AFD Budget support 50.0 EUR Ministry of Finance

Other projects financed by state external debt

356. Poland Development of tourism infrastructure 9.0 USD SC "Uzbektourism"

Strengthening the system of social protection of the Ministry of Employment and Labor 357. IDA 50.0 USD population Relations

Improvement of the sanitary cleaning system of the city 358. IBRD 21.4 USD Khokimiyat of Tashkent of Tashkent

359. ADB Municipal solid waste management 69.0 USD Khokimiyat of Tashkent

State Center for Personalization under Creation of a biometric passport system in the 360. Société Générale 69.7 EUR the Cabinet of Ministers of the Republic of Uzbekistan Republic of Uzbekistan

361. VEB. RF Settlement of mutual claims and obligations 25.0 USD Ministry of Finance

USD 500 m due 2024 362. Eurobond - Ministry of Finance USD 500 m due 2029

363. Eurobond - USD 555 m due 2030 Ministry of Finance

364. Eurobond - UZS 2 tn due 2023 Ministry of Finance

Annex 4

JP MORGAN DEVELOPMENT FINANCE INSTITUTION: DEVELOPMENT FINANCE QUALIFICATION

Executive Summary The Republic of Uzbekistan (the “Issuer” or the “Company”) completed its issuance of UZS 2trn 14.5% Notes due November 25, 2023 (the “Transaction”) under its Global Medium Term Note Program on November 19, 2020. The Transaction is equivalent to approximately USD $200mm. The proceeds from the Transaction are anticipated to enable several development projects including the construction of schools, health institutions, potable water and sewage pipelines and road infrastructure. In addition, the Transaction intends to fund social welfare programs to support women, children and those who are unemployed. The JP Morgan Development Finance Institution (“JPM DFI”) has assessed the Transaction to qualify as development finance, with a development intensity assessment of High with contributions to the UN Sustainable Development Goals (SDGs) 1, 3, 4, 5, 6, 8 and 9. The assessment is based on applying the JPM DFI methodology to the Issuer’s intended use of proceeds as of November 19, 2020, yielding the following results:

The funds from the Transaction are expected to be used in the Exclusions education, healthcare, water, and infrastructure sectors, as Filter  well as for social safety net programs. These sectors and areas are permitted by the JPM DFI Exclusions List.

Counterparty The issuer is the Republic of Uzbekistan, a developing Filter  country per its eligibility to borrow from the World Bank Group.

The financial product is Senior unsecured Notes. The proceeds

from the Transaction are expected to enable development Product Filter  outputs over the maturity of the Transaction and therefore passes this filter criterion. Based on the development gap assessment performed on the Development education, healthcare, water, and infrastructure sectors and Gap Moder social safety net programs, Uzbekistan has a moderate Assessment ate development gap vs. other developing countries.

The use of proceeds from the Transaction are anticipated to Investment contribute towards addressing the country’s development Very Contribution gaps in the education, healthcare, water, and infrastructure High sectors and social safety net programs.

Development The intersection of the development gap assessment and the Intensity High investment contribution assessment yields an overall Assessment development intensity assessment of high.

The Transaction advances the SDGs associated with combating poverty, ensuring healthy lives, promoting quality SDG 1, 3, 4, education, advancing gender equality, ensuring access to Alignment 5, clean water, promoting decent work and economic growth, 6, 8 and fostering and 9 infrastructure resiliency. 73

Introduction The Republic of Uzbekistan issued a 144A/RegS Senior unsecured Note with a 3-year 14.5% UZS 2trn tranche, the equivalent of approximately $200mnUSD. The Transaction’s use of proceeds are expected to fund development projects such as the construction of new schools, new health institutions, potable water, wastewater and road infrastructure. Moreover, the issuance is expected to fund selected social safety net programs. The JP Morgan Development Finance Institution (“JPM DFI”) has created a 5-step methodology1 (the “Methodology”), which has been used to assess whether the Transaction qualifies as development finance and to assess the development impact of the Transaction. The following sections apply the Methodology to the Transaction and its intended use of proceeds.

1. Exclusions Filters The Methodology disqualifies sectors and activities that are identified in the JPM DFI Exclusions list (see full Methodology for details). The use of proceeds unlocked through the Transaction are planned to be used in the education, healthcare, water and infrastructure sectors and social safety net programs. These sectors do not fall in the JPM DFI Exclusions list and therefore pass this filter criterion.

2. Counterparty Filter The counterparty is the Republic of Uzbekistan, a country that is eligible to borrow from the World Bank Group under the Blend (IBRD/IDA) lending program, and thus passes this filter criterion.

3. Product Filter The product filter requires the Transaction to either facilitate new financing or assist the issuer in risk management of their financing and/or operations. The Transaction raises new financing and therefore passes this filter criterion.

4. Development Intensity Assessment The JPM DFI assesses two dimensions to evaluate the development intensity of a transaction. The first dimension, the Development Gap Assessment, evaluates the magnitude of the development challenges of the country with the intended use of proceeds. The second dimension, the

75 Investment Contribution Assessment, evaluates the extent to which the intended use of proceeds addresses the development gaps; assesses the impact on cross-cutting criteria2; evaluates the contributions towards market development3, and assesses the complexity and innovate elements of the financial product. The intersection of these two dimensions provide the overall development intensity assessment.

1 Full methodology available at www.jpmorgan.com/dfi

2 Cross-cutting criteria are transaction aspects that will be considered regardless of sector, including the impact on environmental and ecological sustainability, gender equality, job creation, corporate / institutional governance, and debt denomination

3 Market development can occur through: (i) demonstration and replication effects; (ii) promotion of competition; (iii) improving standards; and (iv) building skills and capacity that open the market to new opportunities.

4.a. Development Gap Assessment4 In order to assess the magnitude of the development challenge in the education, healthcare, water, infrastructure sectors and social safety net programs in Uzbekistan, the JPM DFI has compared Uzbekistan’s statistics on the key development indicators below to that of other developing countries eligible to borrow from the World Bank. 4.a.1: Education Sector Indicator – Government expenditure on education, total (% of GDP) 4.a.2: Healthcare Sector Indicator – Current health expenditure (% of GDP) 4.a.3: Water Sector Indicator – People with access to safe drinking water services, rural (% of rural population) 4.a.4: Infrastructure Sector Indicator – Logistics performance index: Quality of trade and transport- related infrastructure (1=low to 5=high) 4.a.5: Social Safety Net Indicator – Adequacy of social safety net programs (% of total welfare of beneficiary households)

76 The charts below exhibit how Uzbekistan’s statistics on each of the indicators above compare to the distribution of statistics for other developing countries (i.e., countries eligible to borrow from the World Bank). The bars in each row represent the range of statistics in each quartile of the distribution. The symbol represents Uzbekistan’s statistic for each indicator. 4.a.1: Education Sector Indicator – Government expenditure on education, total (% of GDP)

Very High Gap (Q1) 3 0.98% .04% High 3 4 Gap (Q2) .04% .08%

Moderate 4 5 Gap (Q3) .08% .17%

Low 5 1 Gap (Q4) .17% 2.46%

% % 0% 5% 0%

Per the chart above, in Uzbekistan government expenditure on education accounts for 5.3% of the country GDP. This statistic falls in the 4th quartile of the distribution above, indicating that the development gap assessment on the Education Sector Indicator is Low.

4 The JPM DFI leverages only the indicators that are available in the World Bank’s World Development Indicators (“WDI”) and/or other authoritative third party sources. The most recent statistic available in the WDI have been used for the assessment. 4.a.2: Healthcare Sector Indicator – Current health expenditure (% of GDP)

77 Very High Gap (Q1) 4 1.2% .3% High 4 5 Gap (Q2) .3% .8%

Moderate 5 7 Gap (Q3) .8% .3%

Low 7 1 Gap (Q4) .3% 7.1%

% % 0% 5% 0%

Per the chart above, in Uzbekistan health expenditure accounts for 6.4% of the country GDP. This statistic falls in the 3rd quartile of the distribution above, indicating that the development gap assessment on the Health Sector Indicator is Moderate.

4.a.3: Water Sector Indicator – People with access to safe drinking water services, rural (% of rural population)

Per the chart above, in Uzbekistan only 31.1% of people living in rural areas are using safely managed drinking water services. This statistic falls in the 2nd quartile of the distribution above, indicating that the development gap assessment on the Water Sector Indicator is High.

78 4.a.4: Infrastructure Sector Indicator – Logistics performance index: Quality of trade and transport- related infrastructure (1=low to 5=high)

Very High Gap (Q1) .56 .14 High Gap (Q2) .14 .38

Moderate Gap (Q3) .38 .72

Low Gap (Q4) .72 .75

Per the chart above, in Uzbekistan the quality of trade and transport related infrastructure as measured by the Logistic Performance Index lags other developing countries with a value of 2.6. This statistic falls in the 3rd quartile of the distribution above, indicating that the development gap assessment on the Infrastructure Sector Indicator is Moderate.

4.a. 5: Social Safety Net Indicator – Adequacy of social safety net programs (% of total welfare of beneficiary households)

Very High Gap (Q1) 4 1.3% .7% High 4 7 Gap (Q2) .7% .3%

Moderate 7 1 Gap (Q3) .3% 3.0%

Low 1 4 Gap (Q4) 3.0% 2.2%

% 0% 0% 0% 0% 0%

Per the chart above, in Uzbekistan, 16.4% of households benefit from social safety net programs. This statistic falls in the 4th quartile of the distribution above, indicating that the development gap assessment on the Social Safety Net Indicator is Low.

79 Development Gap Assessment: The assessment of the five pertinent indicators reveal that in Uzbekistan: 1) education expenditure accounts for 5.3% of GDP; 2) health expenditure accounts for 6.4% of GDP; 3) 31.1% of people living in rural areas are using safely managed drinking water services; 4) the Logistics performance index score is 2.6 (1=low, 5 = high); and 5) 16.4% of households benefit from social safety net programs. Averaging the development gap assessments for these sector indicators suggest an overall development gap assessment of Moderate.

4.b. Investment Contribution Assessment The second dimension of the development intensity assessment pertains to the contribution of the transaction towards Uzbekistan’s development, according to the framework below:

 Extent to which the transaction has impact towards addressing the development gaps: High

The proceeds from the Transaction are expected to enable the development outputs below over the maturity of the Notes:

o Build 15 new schools; o Construct 3 new health institutions; o Build over 200km of drinking water & sewage pipelines throughout the country; o Construct at least 300km of automobile roads, with a particular focus in the Tashkent region and in the autonomous Republic of Karakalpakstan; o Provide financial assistance to women and families in difficult social situations as well as to women with disabilities; o Provide preferential loans to women in establishing family and private businesses; o Offer comprehensive support of motherhood and childhood, specifically financial support for the implementation of tasks to strengthen the institution of the family; o Reimburse initial payments of real estate purchases for women who are in difficult social situations; and o Finance the payout in unemployment pensions.

 Impact on cross-cutting criteria: Very High o By dedicating part of the funding to provide financial assistance to women with disabilities, the Transaction is expected to contribute towards reducing inequalities facing people with disabilities. o By dedicating part of the funding to provide preferential loans to women in establishing family and private businesses, the Transaction is expected to contribute towards advancing gender equality. o By contributing to the funding of the reimbursement of initial payments of real estate purchases for women who are in difficult social situations, the Transaction is anticipated to address the social problems associated with women not having access to proper housing. o By denominating the debt in local currency, the Transaction is expected to reduce the government’s exposure to currency risk. o By committing to report on the progress of the anticipated development outputs through an annual report published by the Ministry of Finance of Uzbekistan on its website, the Republic of Uzbekistan is promoting transparency on the use of proceeds.

 Contributions towards market development: Very High o The Transaction is expected to support the rise of a high skill labor force by funding the construction of schools. o The Transaction is expected to dedicate part of the funding to the creation of up to 300km of roads to connect certain areas to markets, fostering business connections and dynamism. o The Transaction marks the first sovereign local currency issuance, which explicitly highlights its development impact in a separate section of its offering memorandum, may provide benefits to the issuer and be replicated by other market participants. o The Transaction is the first in which the Issuer has claimed it plans to report progress on the development outputs through an annual report published on its website, which may set a precedent for other Sovereign Issuers.

 The complexity and innovate elements of the financial product: High o The Transaction is the first-ever state UZS-denominated tranche issued by the Issuer in the international capital markets and may assist in creating an international market for the Uzbek local

81 currency. Investment Contribution Assessment: Overall, the Transaction is anticipated to contribute towards addressing the country development gaps in the education, healthcare, water and infrastructure sectors and social safety net programs. Averaging the four elements of the investment contribution framework above suggests an overall assessment of Very High for the investment contribution of the Transaction.

4.c. Development Intensity Assessment Uzbekistan faces a Moderate development gap across the education, healthcare, water, and infrastructure sectors and social safety net programs. The use of proceeds unlocked is anticipated to have a Very High investment contribution to fund the construction of new projects across the country as well as fund social safety net programs. The intersection of the development gap assessment of High and the investment contribution assessment of High, according to the matrix below, yields an overall Development Intensity assessment of High for this Transaction.

82 5. Mapping to SDGs The use of proceeds unlocked via the Transaction is anticipated to align with SDGs 1, 3, 4, 5, 6, 8 and 9 including the targets and indicators identified in the table below.

SDG SDG target SDG indicators Target 1.4: By 2030, ensure 1.4.1: Proportion of that all men and women, in population living in particular the poor and the households with access to vulnerable, have equal rights basic services to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance;

Goal 3: Ensure healthy lives 3.8.2: Proportion of and promote well-being for all population with large at all ages household expenditures on health as a share of total household expenditure or income

Target 4.A: build and 4.A.1: Proportion of upgrade education facilities schools with access to: (a) that are child, disability and electricity; gender sensitive and provide (b) the Internet for safe, non- violent, inclusive pedagogical purposes; (c) and effective learning computers for pedagogical environments for all purposes; (d) adapted infrastructure and materials for students with disabilities; (e) basic drinking water; (f) single-sex basic sanitation facilities; and (g) basic handwashing facilities (as per the WASH indicator definitions)

83 Target 5.4: Recognize and 5.4.1: Proportion of time value unpaid care and spent on unpaid domestic domestic work through the and care work, by sex, age provision of state services, and location infrastructure and social protection policies and the 5.A.2: Proportion of countries promotion of shared where the legal framework responsibility within the (including customary law) household and the family as guarantees women’s equal nationally appropriate; rights to land ownership and/or control Target 5.A: Undertake reforms to give women 5.C.1: Proportion of equal rights to economic countries with systems to resources, as well as access track and make state to ownership and control allocations for gender over land and other forms of equality and property, financial services, women’s inheritance and natural empowerment resources, in accordance with national laws;

Target 5.C: Adopt and strengthen sound policies and enforceable legislation for the promotion of gender equality and the empowerment of all women and girls at all levels; Target 6.1: By 2030, 6.1.1: Proportion of achieve universal and population using safely equitable access to safe and managed drinking water affordable drinking water for services all;

Target 6.2: By 2030, 6.2.1: Proportion of achieve access to population using safely adequate and equitable managed sanitation services, sanitation and hygiene for including a handwashing all and end open facility with soap and water defecation, paying special attention to the needs of women and girls and those in vulnerable situations;

Target 8.3: Promote 8.3.1: Proportion of informal development-oriented employment in policies that support non‑agriculture employment, productive activities, decent by sex job creation, entrepreneurship, creativity 8.5.1: Average hourly and innovation, and earnings of female and male encourage the formalization employees, by occupation, and growth of micro-, small- age and persons with and medium- sized disabilities enterprises, including through access to financial services;

Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value; Target 9.1: develop 9.1.1: Proportion of the rural quality, reliable, population who live within 2 sustainable and resilient km of an all-season road infrastructure, including regional and trans-border infrastructure, to support economic development and human well- being, with a focus on affordable and equitable access for all

Tel.: http://mf.uz 239-10-58 t.me/minfinuzb Ministry of Finance of 239-14-60 e-mail: [email protected] the Republic of Uzbekistan

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