Uzbekistan News 17 October 2026 11:20 (UTC +04:00)
Photo: the Ministry of Economy and Finance of Uzbekistan
Niljan Bakhshaliyeva
Uzbekistan Economics Correspondent Read more
BAKU, Azerbaijan, October 16. Uzbekistan and the Islamic Development Bank (IsDB) have signed an agreement for an agricultural mechanization project aimed at expanding farmers’ access to modern, efficient and climate-smart machinery, during a meeting on October 15 in Bangkok.
This was reflected in the statement by the Uzbekistan Ministry of Economy and Finance, following a meeting between Uzbekistan’s Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and IsDB President Muhammad Al Jasser, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank.
The discussions focused on priority areas for cooperation, support for Uzbekistan’s ongoing economic reforms, the development of key economic sectors and opportunities to advance joint projects.
Particular attention was given to modernizing agriculture and expanding access to modern agricultural machinery and equipment. The parties also discussed potential projects involving irrigation systems, road infrastructure, rural development, mortgage market financing and agricultural lending.
The Agricultural Mechanization Development Project is designed to increase agricultural productivity, improve resource efficiency and support the development of agricultural value chains through greater access to modern machinery.
Moreover, the talks covered support for small and medium-sized enterprises (SMEs), the development of Islamic finance instruments and opportunities to expand their use in Uzbekistan’s financial sector. The parties discussed financing mechanisms such as Murabaha and Ijarah.
The meeting was attended by IsDB Vice President for Operations Rami Ahmad, Deputy Chairman of the Central Bank of Uzbekistan Nodirbek Ochilov, Adviser to the Minister of Economy and Finance Jasur Karshibayev and other officials.
The parties agreed to strengthen cooperation and continue working on the initiatives discussed during the meeting.