World Bank Document

During the same FY16-18 period, investment lending on IBRD terms is expected to 

average up to about $400 million annually. However, the actual volume and pace of lending 

will depend on program implementation, including the ability to address macroeconomic risks, the 

choice of instruments, the country’s economic performance, and IBRD’s lending capacity and 

demands from other borrowers. 

 

66. 

IFC investments are expected to increase over the five-year CPF period. Amounts will 

depend on the government’s progress in moving the economy from state-dominated to private-

sector led growth, reforms to further improve the investment climate and the business environment, 

and the growth outlook in Uzbekistan’s main commercial partners. Potential investments are 

                                                           

10

 Allocations for FY19-20 will be determined under IDA18. The CPF assumes a similar allocation in IDA18. 

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24 

 

foreseen in financial intermediaries to support increasing access to finance by individuals and 

MSMEs, agribusiness, oil, gas, petrochemicals, mining, and manufacturing (e.g., cotton 

processing). This would be complemented with advisory services aimed at: developing the 

financial infrastructure; improving the investment climate and business environment; and 

supporting PPPs through policy dialogue to build the enabling environment and government 

capacity, and to pioneer projects.