Announcement of the Republic of Uzbekistan Joins IFC on October 15, 1993

THE REPUBLIC OF UZBEKISTAN JOINS IFC TASHKENT, Oct. 15 -- Sir William Ryrie, Executive Vice President of the International Finance Corporation (IFC), announced at a press conference that the Republic of Uzbekistan has joined IFC. Uzbekistan's membership will enable IFC to make investments in private sector projects in the Republic. IFC's strategy for Uzbekistan was described by Sir William Ryrie at the press conference. IFC will assist in the development of private financial institutions, such as banks and leasing companies, which will improve the environment for the private sector. IFC will also help the government frame policies to attract foreign investors, structure and arrange financing for joint ventures in the Republic's mineral, oil, gas, and tourism industries, and help develop the Republic's agroprocessing potential. The Corporation will also assist in the privatization of large state-owned enterprises as well as with the legislative framework for a stock and commodities exchange. IFC's efforts will focus mainly on projects that are export-oriented or provide access to hard currency earnings until such time as the currency situation becomes more stable. "Developing Uzbekistan's abundant natural and human resources can provide much needed foreign exchange as well as employment opportunities. Foreign investors have expressed great interest in Uzbekistan and IFC hopes to complete several investments during this fiscal year," commented Sir William Ryrie. IFC is currently working on the development of several technical assistance projects for Uzbekistan in collaboration with other multilateral organizations, and donor government. During the past year IFC executives have made frequent visits to Uzbekistan and identified possible investments in tourism, hotel and business center construction, oil and gas production, mining, cotton and silk processing, construction materials, capital markets and telecommunications. IFC is the private sector arm of the World Bank Group and the largest multilateral source of direct project financing for private sect or projects in developing countries. IBRD IDA IFC MIGA ICSID