TASHKENT, June 17 (Xinhua) -- The World Bank has approved a 500-million-U.S.-dollar loan to support Uzbekistan's ongoing economic transformation and market reforms, aimed at increasing jobs and the well-being of its people, the bank's office in Uzbekistan said Monday.
Uzbekistan will receive the loan through a Development Policy Operation (DPO), which will help sustain Uzbekistan's economic reforms to reorient the economy towards greater private sector-led growth and job creation.
"Uzbekistan's wide-ranging reforms continue, bolstered by significant support from the country's citizens and the international community," Hideki Mori, World Bank country manager for Uzbekistan, said in a statement.
"This DPO provides additional support as the focus of reform shifts from regulatory changes to more complex institutional reforms, which are necessary to support private sector growth, increase job creation, and ensure greater social inclusion of the most vulnerable citizens," he said.
The World Bank supports Uzbekistan through 22 projects totaling over 3.6 billion dollars, according to the World Bank.
Uzbekistan has been carrying out economic reforms in the last two years to attract foreign investment.