RIYADH: Saudi utility giant ACWA Power is planning for new investments in Uzbekistan, affirming its status as the leading foreign investor in the Central Asian nation’s energy sector.
According to the company's Chief Financial Officer (CFO) for Uzbekistan Sumendra Rout said at the IV Tashkent International Investment Forum, the company's total investment in Uzbekistan has already reached $15 billion, and the current portfolio of joint projects covers 19 energy initiatives, 18 of which are related to renewable energy sources.
“We are not going to stop here. Our objective is to expand our investments. During this forum, we plan to sign another agreement with the government of Uzbekistan worth $5 billion,” said Rout.
During the forum, Rout also emphasized the importance of Islamic finance instruments in ensuring sustainable economic development, particularly among small and medium-sized enterprises.
He added that Shariah-compliant financing mechanisms are capable of offering more effective support to SMEs compared to traditional financing tools.
