In the next seven years, the volume of annual lending in the banking and financial system will reach $40 billion and interest rates on loans will be reduced to 10-12 percent

UZA News

“Uzbekistan-2030” Strategy

In recent years, Uzbekistan has implemented new effective mechanisms and methods to establish an open dialogue with the population.

The draft Strategy “Uzbekistan-2030”, aimed at the development of the country in the next seven years, outlines 100 goals within 5 essential priority areas, such as creating the necessary conditions for each person to realize their potential, ensuring the well-being of the population through sustainable economic growth, saving water resources and protecting the environment, building a just and modern state serving the people, ensuring the rule of law, continuing to work to transform the country into a safe and peaceful state.

In particular, due to the consistent continuation of economic reforms, several tasks have been set to increase the volume of the banking services market and develop competition in the sector, the transition to a green economy, and a sharp increase in renewable energy sources.

It is projected that the volume of annual lending in the banking and financial system will reach $40 billion in the next seven years, and the importance of bank deposits will increase 4 times. Additionally, interest rates on loans will be reduced to 10-12 percent. It is planned to introduce criteria and procedures for Islamic finance in at least three commercial banks. It is also planned to privatize banks, keep only 3-4 banks in state ownership, and attract at least four prestigious foreign banks to banking activities.

In addition, several proposals are put forward to solve problems related to energy resources. In particular, the volume of electricity production will be increased to 118 billion kWh, the volume of natural gas production – up to 62 billion cubic meters, and the energy efficiency of economic sectors will double.

Based on a public-private partnership, it is planned to build solar power plants with a capacity of 9 GW, wind power plants with a capacity of 5 GW, and 28 hydroelectric power plants with a total of 1.9 GW. Due to the modernization of three thermal power plants with a capacity of 3 GW, natural gas consumption will be reduced. In addition, it is planned to create an environmentally friendly infrastructure and introduce the “circular economy” practice in industrial enterprises.

Overall, this strategy puts forward several proposals to ensure the country’s development in all sectors and areas, as well as improve the welfare of the population. Therefore, citizens should actively participate in the public discussion of the draft strategy and express their civil position.

Mavluda Adkhamjonova,

Deputy of the Legislative Chamber of the Oliy Majlis

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