AKIPRESS.COM - The World Bank’s Board of Executive Directors approved a $500 million financing package for implementation of the Agriculture Modernization Project in Uzbekistan.

The project will help the country modernize institutions and upgrade agricultural research and development capabilities. Local farmers and agribusinesses will benefit from more modern technologies, advisory and extension services, capacity building, long-term financing and agro-logistical services. As a result, they will gain better access to internal and external markets.

“Agriculture generates more than 30 percent of GDP, employs 27 percent of the country’s labor force, or around 3.6 million workers, and earns 25 percent of all export revenues,” said Hideki Mori, World Bank Country Manager for Uzbekistan. “Modernization of the agriculture sector will lead to many better-paid jobs in rural areas, improved food security, and higher export revenues for Uzbekistan.”

The World Bank supports Uzbekistan through technical assistance and the financing of 22 projects totaling around $3.73 billion. These projects provide support in critical areas such as macroeconomic policies, agriculture, health, education, water supply and sanitation, energy, transport, social protection, and urban and rural development.