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The President of Uzbekistan Islam Karimov received in his Oqsaroy Residence a delegation of the Arab Coordination Group (ACG) headed by the President of the Islamic Development Bank (IDB) Akhmad Mukhammad Ali.
"We highly rate partnership with the financial organizations of the Arab world", said the President. "We are sure that the visit of the delegation to Uzbekistan and the session running within its framework will result in multilateral mutually beneficial agreements which will produce positive outcomes in the future".
The Arab Coordination Group unites the Islamic Development Bank, Saudi Fund for Development, Kuwait Fund for Arab Economic Development and Fund OPEC.
The Uzbek representatives at the round table with ACG delegates presented a wide-range of investment projects which have mutual benefits for both sides.
Within the framework of the forum the representatives of ACG highly rated the current situation and results of economic reforms carried out in Uzbekistan and stated on the support of these reforms executed under the coordination of Islam Karimov.
As the Deputy Chairman of the Saudi Fund for Development Yusuf al Basam said to UT, Uzbekistan has always aspired to maintain a high level of economic and political relations with traditional partners in the Near and Middle East. In his opinion, ?today business in Uzbekistan is gaining force and aspires to create favorable conditions for its own development. The solution to this problem in many respects is defined by interactive work with business networks of Arabic countries, whose interests in conditions of globalization in medium-term and long-term plans in many respects coincide with the interests of Uzbekistan?.
As the president of IDB Ahmad Muhammad Ali believes, it is necessary to pay special attention to the possibility of a joint strategy. Means from Arabian funds can be directed at financing of projects in the field of water supply, power, irrigational facilities and transport infrastructure with the participation of other international financial institutions.
"Working mechanisms for the implementation of such a strategy must be restored and created?, the director of the operational department of OPEK Fund Said Aissi declared at the session. "And this process has begun. The integral component of Uzbek-Arabian political and economic rapprochement is personal contacts of politicians, businessmen and scientists".
During negotiations with the Arabic financial institutions, the Minister of Foreign Economic Affairs, Investments and Trade of Uzbekistan Elyor Ganiev said that the government of the Republic plans to draw more than US$ 1,6 billion worth of investments from Arabic financial institutions till 2010.
As he said, the Uzbek party has prepared a list of 26 investment projects, offered for financing with the participation of credits and loans of representatives of the Arabic Coordination Group.
According to the assistant of the General Director of KFAED Hesham al Vokayan, Arabic financial institutions can start financing the investment projects offered by Uzbekistan early next year.
A substantial factor in the issue of attraction of Arabic capital comes from the conditions of crediting of financial institutions of the region that advantageously differ from the requirements offered by traditional international creditors. At the same time, working procedures for reviewing projects at the financial institutions that are part of the ACG are practically identical.
At the round table session, its participants agreed on the establishment of a joint working group for the coordination of project implementation. Members of the Arabic Coordination Group have expressed readiness to provide technical assistance for the preparation of the feasibility report of perspective projects. Representatives of the Group have expressed confidence in the fact that close cooperation with Uzbekistan is a key factor in the development of entire Central Asia.
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Date: Jul 08, 2007
Source: Uzbekistan Today |
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