The policy-based loan will help improve economic management in the Asian country, which will help sustain high growth.

Hiranya Mukhopadhyay, ADB principal public management specialist for Central and West Asia, said: “Uzbekistan is undertaking important economic reforms that will ensure that future growth is broad-based and inclusive.”

The programme will support the government’s efforts to strengthen fiscal sustainability in the country and improve the governance of state-owned enterprises – which dominate most of Uzbekistan’s economy.

Apart from the loan, the bank will also provide a $1m technical assistance grant to enhance the government’s capacity to implement reforms, particularly in budget frameworks, public-private partnerships and internal audit.

The World Bank will also contribute $500m to the economic management improvement programme.

Takeo Konishi, ADB country director for Uzbekistan, said: “The reforms are expected to improve economic management and create a stable investment climate in Uzbekistan that are necessary to increase private sector participation in the economy.”