Uzbekistan and Arab Coordination Group Consolidate Cooperation

On February 13, 2008 the President of the Republic of Uzbekistan Islam Karimov signed the Resolution “On measures to implement the project “Building and equipping the general education schools of the Republic of Uzbekistan” jointly with the OPEC Fund for International Development and the Saudi Development Fund".

This project envisages financing the building and equipping of over 25 general education schools in Uzbekistan bound for of 7900 pupils to attend.

The soft loans allotted by the OPEC Fund worth USD 5 million and the Saudi Development Fund worth USD 16 million in their equivalence for 25-year-term with privileged interest rate testify that financial and economic cooperation between Uzbekistan and Islamic donor countries are now strengthening in the framework of Coordination Group of Arab National and Regional Development Institutions (Arab Coordination Group).

The Islamic Development Bank (IDB), the OPEC Fund, the Saudi Development Bank, the Kuwait Fund for Arab Economic Development, the Abu Dhabi Fund and others are the members of the Arab Coordination Group, according to the report.

The Cooperation Program with the members of Arab Coordination Group was approved at the joint session in Tashkent in July 2007. It envisages the implementation of 17 priority investment projects with a total volume of attracted funds worth USD 800 million in such areas as the development of healthcare, education, energy, transport and municipal infrastructure, land-improvement and other spheres.

Information Agency JAHON