Announcement of a World Bank Loan to Uzbekistan for The Institution Building and Technical Assistance Project on October 12, 1993

FOR IMMEDIATE RELEASE World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.* Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 94/22 Contact: Peter Riddleberger Tel: (202) 473-1786 UZBEKISTAN: INSTITUTION BUILDING AND TECHNICAL ASSISTANCE PROJECT The following is information on a project approved by the World Bank's Board. DATE: October 12, 1993 WORLD BANK GROUP SUPPORT: World Bank loan: $21 million. The World Bank loan is for 20 years, including five years of grace, with a variable interest rate, currently 7.43 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.25 percent on the undisbursed balance. TOTAL COST: $25 million OTHER PROPOSED FINANCING: Government of Uzbekistan: $400,000, European Community: $2.6 million, Japan: $1 million IMPLEMENTING AGENCY: Cabinet of Ministers ESTIMATED COMPLETION DATE: 1997 PROJECT DESCRIPTION: The objectives of the Institution Building and Technical Assistance Loan are (a) in the short term, to provide support to the govern- ment in formulating and elaborating reforms and (b) in the medium term, to provide support for institution building and domestic capacity to ensure that Uzbekistan has the capability to implement and sustain reforms. The project will finance institution building and technical assistance activities for (a) privatization and public enterprise reforms, (b) legal and regulatory framework, (c) the financial sector, (d) the social safety net and employment sectors, and (e) the energy and telecommunications sectors.