IDB gives Uzbekistan $270m

The Islamic Development Bank (IDB) and the Uzbek government have signed two finance agreements worth USD 270 million, according to an IDB release. The deals were inked by First Deputy Prime Minister and Minister of Finance of Uzbekistan Rustam Azimov and IDB Group Chairman Dr Ahmad Mohamed Ali. Under the agreements, the sum will be used to finance the purchase of two Boeing airplanes for the Uzbekistan Airways (USD 170 million) and for modernization of hydro-power stations (USD 100 million), the release said. Uzbekistan joined the IDB in 2003, and has obtained a total of one billion US dollars from the bank so far to use in educational, health, agricultural and electric development.