In the framework of the second Tashkent International Investment Forum, held in the capital, on April 28 this year an agreement was signed between the State Assets Management Agency and the International Finance Corporation (IFC) to assist the government in the privatization of Navoiazot JSC.
According to the agreement, the IFC will be engaged as a strategic consultant in the process of pre-privatisation preparation of one of the leading chemical and fertilizer companies in Uzbekistan and Central Asia, Navoiazot JSC.
The need to carry out pre-privatisation preparation of Navoiazot JSC is established by the Decree of the President of Uzbekistan dated 10 October 2022. The pre-privatisation preparation will help the Government of the country to develop an optimal strategy for the privatisation of one of the largest state assets. Subsequent privatization of Navoiazot JSC will facilitate inflow of private investments into chemical industry of Uzbekistan, its modernization, as well as growth of efficiency and competitiveness of this fundamental sector of the country's economy.
Moreover, separate discussions were held between the management of the State Assets Management Agency and the head of Consulting Services for PPP Projects in the Middle East, Central Asia, Turkey, Afghanistan and Pakistan of International Financial Corporation (IFC) Muneer Ferozie and it was noted specifically the successful achievement of an agreement on privatization of the block of shares in the authorized capital of Fargonazot JSC under the strategic cooperation of the IFC. Also, further measures in the development of a strategy for the privatization of Navoiazot JSC and other perspective areas of cooperation were discussed.
About Navoiazot JSC
Navoiazot JSC is one of the largest enterprises in chemical industry of Uzbekistan, engaged in the production of mineral fertilizers, chemical reagents and other low-tonnage chemical products. Producing over 30% of Uzbekistan's chemical output, Navoiazot is one of the country's main chemical companies, covering almost all sectors of industry, transport, agriculture and the fuel and energy sector.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We operate in more than 100 countries, using our capital, experience and influence to build markets and opportunities in developing countries. In fiscal 2022, IFC committed a record $32.8 billion to private companies and financial institutions in the developing world, harnessing the power of the private sector to eradicate extreme poverty and promote shared prosperity as economies grapple with the impact of the global downturn. For more information, visit www.ifc.org.
