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EBRD Board delegation visits Uzbekistan
A delegation of the EBRD Board of Directors arrives in Tashkent on Monday for
a five-day monitoring mission which will include meetings with government
officials and representatives of the business and diplomatic communities, as
well as NGOs. Secretary General Johnny Åkerholm will accompany the delegation.
The visit comes towards the end of a yearlong period during which the Bank has
undertaken extensive fact finding and policy dialogue with the Uzbek
government. In March 2003 the Bank published its strategy for Uzbekistan,
which set forth how the EBRD might remain a key investor in Uzbekistan's
private and public sectors. The Bank committed itself to monitor progress on –
and review within a year – seven benchmarks that would accelerate Uzbekistan’s
political and economic reform.
In the political sphere, the Directors will examine the openness of
Uzbekistan’s political system and the freedom of media; the extent to which
independent local NGOs may register and function freely; and the country’s
human rights record. In the economic sphere, they will study the
convertibility of local currency; the state of foreign trade, property rights
and privatisation; the pace of banking sector reform; and progress in
adjusting public utility tariffs.
The delegation will report back to the full Board of Directors, which will
within a few weeks consider the future course of the Bank’s relationship with
Uzbekistan.
The Board of Directors represents the Bank's 62 public shareholders and
approves all Bank projects and country strategies. The delegation will be
headed by Torsten Gersfelt (Denmark), who is Chairman of the Board Steering
Group. Other delegation members are Susumu Fujimoto (Japan), Simon Ray (United
Kingdom), Mark Sullivan (United States) and Laurent Guye (Switzerland), who
also represents Uzbekistan on the Board.
The EBRD’s cumulative investments in Uzbekistan stand at €527 million. In 2003
the Bank committed €25.6 million through five projects.
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