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Monday, September 25, 2017

World Bank will back Uzbekistan railway project

The World Bank will provide a $195 million loan to the Pap-Angren Railway Project in Uzbekistan, they announced on Friday.

According to the announcement, the project will increase inter-regional connectivity for the country's approximately 7.6 million citizens. It will also create potential for local small businesses and entrepreneurial ventures to grow their profits, as result of a greater accessibility to markets.

Just one component of the larger Central Asia Regional Economic Cooperation, this project plans to implement a number of transportation improvements along major corridors in the region.

Furthermore, the Pap-Angren Railway will allow for more transportation opportunities in and out of the Ferghana Valley, a region in Uzbekistan.

“The project aligns well with the World Bank Group twin goals of reducing poverty and enhancing shared prosperity,” Junghun Cho, country manager for Uzbekistan, said. “It will help reduce the income disparity between the Uzbek part of the Ferghana Valley and the rest of Uzbekistan. The project will raise employment and business opportunities by increasing the rate of economic growth in the Ferghana Valley. It will also facilitate diversification of the economy by improving infrastructure to increase economic productivity and competitiveness.”

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