_BIOGRAPHY Andi Aranitasi is Director and Head of Uzbekistan at the European Bank for Reconstruction and Development, based in Tashkent. An Albanian-British national with over 25 years of banking experience, he previously served as EBRD Head of North Macedonia and held senior roles in energy across Türkiye and south-eastern Europe.

“OUR FOCUS ON THE PRIVATE SECTOR HELPS THE COUNTRIES WHERE WE WORK TO BUILD THEIR RESILIENCE AND ENHANCE COMPETITIVENESS AMID GLOBAL UNCERTAINTY.”

SIX CONSECUTIVE YEARS AS EBRD'S TOP CENTRAL ASIAN RECIPIENT, OVER $1 BILLION IN 2025 ALONE. WHAT DO THESE MILESTONES REVEAL ABOUT UZBEKISTAN'S REFORM TRAJECTORY?

Indeed, Uzbekistan has been the leading recipient of EBRD funding in Central Asia for each of the past six years. We attach high importance to the improvement of the country's business environment, which President Mirziyoyev has made a strategic national priority. We would like to commend the authorities for making conscious efforts aimed at the improvement of the investment climate in Uzbekistan.

While it is very important to maintain the reform momentum, we are confident that the constantly growing number of foreign investors in Uzbekistan, including those attending the Tashkent International Investment Forum, speaks for itself and shows that the country is moving in the right direction. As you said, we invested more than US$1 billion in the country last year and I'd like to say that we are able to keep or even increase this level of investment every year.

WITH 54% RENEWABLES TARGETED BY 2030, WHERE DO THE BIGGEST BOTTLENECKS IN THE ENERGY TRANSITION LIE?

Uzbekistan does have ambitious plans related to decarbonisation and further deployment of renewable energy sources. To manage large volumes of variable renewable energy, the country will require significant investment in the transmission infrastructure, dispatch systems, and balancing solutions. Battery energy storage systems (BESS) are particularly important for Uzbekistan because the existing system has limited flexible baseload capacity to support intermittent renewables.

I'm happy to report that with the EBRD's support, Uzbekistan now has 1.9GWh of battery storage capacity already operating or under construction. Beyond the grid integration, there are several additional challenges: institutional capacity of regulators and system operators; strong investor interest based on predictable regulation, a credible pipeline of projects, and continued transparency in procurement and market rules; all projects must be based on internationally accepted social and environmental standards.

BEYOND FINANCING, HOW DOES THE EBRD SHAPE UZBEKISTAN'S POLICY AND REGULATORY ENVIRONMENT?

First of all, we are a founding member and a co-chair of Uzbekistan's Foreign Investors' Council (FIC). Over a short period of time, it has become an important platform for dialogue between foreign investors and the authorities of Uzbekistan. Secondly, long-term development plans, which we support require new legal and operational frameworks. For example, we promote public-private partnership (PPP) universally recognised as one of the most effective forms of long-term contractual relationship between the public and private sectors aimed at offering quality public services.

In practical terms, the EBRD is supporting the Uzbekistan Project Development Facility which will help develop multiple PPP projects in the country. In a similar fashion, we support the authorities and the market by creating the basics such as the new capital markets law. As an investor, we can help bridge funding gaps, mobilise other investors and introduce new capital market instruments. I would also like to mention two other very important pieces of legislation adopted recently with our support. These are the Law on Electric Energy (helping to regulate the country's electricity market and instrumental for future privatisations in the sector) and the Law on Subsoil (which unlocks new investment opportunities in the critical raw material and mining sectors of Uzbekistan).

SME LENDING, 80,000 ENTREPRENEURS REACHED, STAR VENTURE LAUNCHED. HOW DOES THE EBRD DRIVE GENUINE PRIVATE SECTOR TRANSFORMATION?

Let me start by saying that the EBRD was set up at the end of the Cold War in Europe to build open, market economies and foster private entrepreneurial initiative. Over many decades, the EBRD's operational model has proved to be sustainable and resilient to external shocks and we have seen a few!

Our focus on the private sector helps the countries where we work to build their resilience and enhance competitiveness amid global uncertainty. Generally speaking, market economies based on democratic principles are better suited to be sustainable and to withstand geopolitical adversities. This is what we promote as an institution, this is part of our fabric. Yes, these changes won't happen overnight, so Uzbekistan should continue implementing relevant reforms to increase the role of the private sector in the economy. We stand ready to support the country in this process with our resources and expertise.

WHAT IS YOUR MESSAGE TO INTERNATIONAL INVESTORS ABOUT UZBEKISTAN'S OPPORTUNITY TODAY?

As a regular highest-level attendee of the Tashkent International Investment Forum, our President Odile Renaud-Basso is a keynote speaker at the TIIF, the EBRD can testify that more investors choose Uzbekistan as the investment destination of choice. Certainly, a lot depends on the country's long-term macroeconomic stability and the predictability of Uzbekistan's investment climate.

According to our latest macroeconomic report, the national economy is projected to grow at 6.5 percent in 2026 and 6.0 percent in 2027, supported by strong investment activity and the continuation of structural reforms. In the light of global volatility, Uzbekistan looks like a good place to put your money in. Its role of a connector-country and part of the Transcaspian corridor, connecting Far East with Europe is set to increase as well.