The World Bank has approved a $500m financing package to support the agriculture modernisation project in Uzbekistan.

The funds will be used to upgrade agricultural research and development capabilities.

World Bank Uzbekistan country manager Hideki Mori said: “Agriculture generates more than 30% of GDP, employs 27% of the country’s labour force, or around 3.6 million workers, and earns 25% of all export revenues.

“Modernisation of the agriculture sector will lead to many better-paid jobs in rural areas, improved food security, and higher export revenues for Uzbekistan.”

The project aims to help the country by enhancing productivity-supporting agricultural services and investments in high-value horticulture value chains.

The project is also expected to facilitate trade and marketing services, as well as support project management activities.

The project is expected to benefit local farmers and agribusinesses with new novel technologies, advisory and extension services, capacity building, long-term financing and agro-logistical services.

The project has been designed to improve access of the agricultural farmers to domestic and international markets.

The bank has so far financed a total of 22 projects worth nearly $3.73bn in Uzbekistan. It also provides technical support to the country.

In October 2018, World Bank agreed to provide $240m to the Bangladeshi Government to help improve its management and production in marine and coastal fisheries and aquaculture.