PPM- Tri

1 Project Feasibility and Economics

Module Title: Project Feasibility and Economics

Module Leader: Dr. Claudio Benghi

Coursework Title: Feasibility and Economics Report

Student ID: W22039931

2 Project Feasibility and Economics

Table of Contents

Project Description ................................................................................................................................ 3

Background Knowledge ........................................................................................................................ 3

Case Study ............................................................................................................................................. 4

PESTLE Analysis: ................................................................................................................................. 5

Political environment ......................................................................................................................... 6

The Economic Environment .............................................................................................................. 6

The Social Environment ................................................................................................................ 6

The Technical Environment .......................................................................................................... 6

The Environmental and legal ................................................................................................................ 7

Project Briefing Information ................................................................................................................ 7

Feasibility and Economics Analyses.................................................................................................... 10

Explanation of Result for Each Feasibility and Economic Concept .................................................. 11

B1: Private Public Partnership Application. .................................................................................. 11

B2: Uncertainty and Sensitivity Analysis ........................................................................................ 12

B3: Schedule Feasibility................................................................................................................... 13

Critical Path Method (CPM)............................................................................................................... 13

Stakeholder Role .............................................................................................................................. 13

Program Evaluation and Review Technique (PERT) ................................................................. 14

B4: Tax and Inflation .......................................................................................................................... 14

B5: Legal Environment. ...................................................................................................................... 15

B6: The Impact of Sustainability ........................................................................................................ 16

Financial health assessment using financial statement and ratio analysis ................................................ 17

Project appraising ............................................................................................................................... 19

Discussion ............................................................................................................................................ 20

Executive Summary............................................................................................................................. 23

Reference ............................................................................................................................................. 24

Glossary ............................................................................................................................................... 27

Appendices ........................................................................................................................................... 29

3 Project Feasibility and Economics

Project Description

Background Knowledge

Conducting a feasibility analysis involves exploring various aspects of a venture or

project, including technical, economic, social, environmental and political factors. This process

helps ascertain whether pursuing the endeavour makes sense or not. Such an investigation is

imperative in project management, helping distinguish whether to proceed with endeavour(Fisu

& Didiharyono, 2020). In general terms, a feasibility study determines a project's feasibility by

assessing numerous features such as costs incurred during implementation, the time required for

completion, resources at one's disposal, and potential risks and benefits involved in embarking

on such projects. Additionally, facilitating this decision-making process may require reviewing

factors like current market conditions, competition levels, and the likelihood of success.

When assessing the feasibility of a venture, all relevant variables potentially affecting the

project's outcome are intricately analysed. The evaluation takes into consideration technical

requirements (i.e., any necessary technology for achieving completion), economic costs (overall

price-tag associated with getting the job done), social implications (namely environmental and

community impact), as well as political factors like compliance with localized laws and potential

domestic effects. Participating in an integrated feasibility analysis remains crucial to undertaking

any responsible allocation of resources towards budding ventures or established projects

(Goziev, 2022, p. 72). After all, such discernment can enhance detecting indications regarding

viability while ameliorating risks entailing novel capacity and providentially breeding beneficial

gains intrinsically bound to say the project.

4 Project Feasibility and Economics

Case Study

General Information of Project

Name of the project Uzbekistan

Project Value $500 million

Start Date of Project 2023

Duration of Project 5 Years

The case study is the proposed operation “Uzbekistan1: Supporting a Transparent and

Inclusive Market Transition” (P171751). This project isfunded by the World Bank and is located

in the Republic of Uzbekistan (The World Bank, 20222). The estimated board date for the project

was December 16, 020, and the total financing was 500 million US dollars. The project's goal

was to increase economic inclusion and social resilience and improve the effectiveness, long-

term viability and transparency of resource utilization in the economy.

The goal of the project was to facilitate an organized and long-term shift toward a market

economy that is more competitive. Widespread involvement, long-term economic stability, and

social cohesiveness were the pillars of the transition. These were essential prerequisites for long-

term poverty reduction to take place. The COVID-19 Response Approach Paper that was

authorized had pillars congruent with the reforms recommended in this particular pillar. Actions

taken within the first PDO pillar provide support for the third and fourth PDO pillars, which are

linked to the promotion of sustainable business growth and the creation of jobs, as well as the

strengthening of policies, institutions, and investments for improved reconstruction. The second

1 Uzbekistan 2 The World Bank, 2022

5 Project Feasibility and Economics

pillar of the PDO was compatible with the second pillar of the approach paper, which was tied to

protecting vulnerable individuals and those who are poor.

Within the next twelve months, the initiative is projected to further deepen the economy's

transition while providing crucial effects, such as crowding in higher private sector investments

and permitting greater freedoms for farmers (The World Bank, 2022). Additionally, social and

economic resiliency was improved due to the operation utilizing an enhanced net safety

mechanism and increased fiscal and SOE transparency, which mitigated fiscal risks. This

operation facilitated improved regional energy market integration indirectly over time by

providing a more reliable energy supply to the domestic market.

PESTLE Analysis:

Figure1https://blogs.worldbank.org/climatechange/uzbekistan-policy-dialogue-builds-

momentum-transition-green-economy

6 Project Feasibility and Economics

Political environment

Uzbekistan is a presidential republic with a dominant executive branch. The government

used political and economic reforms, including liberalizing the foreign exchange market and

decreasing state control over the economy.

The Economic Environment

Despite the economic blow brought on by the COVID-19 epidemic, real GDP growth in

2019 was considerable and diversified, maintaining the decline in poverty. Firms were able to

increase investment in imported machinery and equipment after the amalgamation of different

currency rates, and trade liberalization brought very significant stability to the foreign exchange

market.

The Social Environment

After years of restraint, private consumption surged due to rising salaries, higher

incomes in rural areas due to agricultural adjustments, and a surge in available credit. With a

focus on increased health services, social safety, and financial support for small and medium-

sized firms, the government increased annual spending by around 4 per cent of GDP through

targeted and time-bound initiatives connected to the impact of the crisis.

The Technical Environment

The World Bank's DPO engagements, such as the one at hand, had benefited from the full

breadth of the World Bank Group's functioning, quantitative, and policy engagements.

7 Project Feasibility and Economics

The Environmental and legal

The project's activities aligned with the World Bank Group's plan to end extreme poverty

and boost shared prosperity and the approach's foundational tenets, the COVID-19 Response

Framework.

Project Briefing Information

Objectives Enhance transparency and accountability of

government policies and improve the

environment of the business

Scope  Policy reform to improve investment

climate

 Support for clear and legal framework

Success Factors Adequate financial resources, effective

communication and strong coordination

Project Stakeholders

Client Uzbekistan Government

Funder World Bank

Sponsors N/A

Reforms to the banking sector, agriculture (including the elimination of state cotton

production), the investment climate, fossil fuel subsidies,state-owned enterprise reform, and the

budgeting and accountability system are all part of the proposed project (The World Bank,

2022). Furthermore, the operation would back the elimination of nearly all internal migration

8 Project Feasibility and Economics

controls, the implementation of measures to improve women's economic inclusion, safety, and

well-being, and the modernization of social safety nets. The project had to finance public

finances sustainably amidst the need for a strong anti-crisis fiscal response. Finally, the project

has to yield significant results within twelve months, such as attracting additional private-sector

investments and permitting greater freedoms for farmers.

The project was consistent with the World Bank's COVID-19 Response Approach and

the World Bank Group's vision to end extreme poverty and boost shared prosperity. It was also

in line with the revised 2016-2020 Country Partnership Framework (126078-UZ; June 26, 2018)

that resulted from the 2018 Performance and Learning Review (PLR). It was also consistent with

the results of the first Systematic Country Diagnostic and the preliminary results of the second

Systematic Country Diagnostic, now under development.

The overall risk to the operation was moderate, reflecting steady economic management

sustained despite the pandemic and the high level of political and public support for reforms to

continue(Nishonkulov, 2022, p.159). Despite risks and social adjustment costs from the

transition, the authorities considered the comprehensive reform program essential to improving

opportunities for Uzbekistan’s citizens. Although the COVID-19 crisis had increased

implementation challenges and elevated institutional and macroeconomic risks, strong anti-crisis

response helped moderate the pandemic’s impact on people and the economy.

The government's anti-crisis response was swift and substantial, helping to save lives and

shield the most vulnerable among us. At the end of January 2020, seven weeks before the first

coronavirus case was found in Uzbekistan, the government established an Anti-Crisis

Commission in response to early warnings about the COVID-19 pandemic (The World Bank,

2022, p. 1). The Commission has been at the forefront of the government's policy response,

9 Project Feasibility and Economics

intending to prevent loss of life, protect existing ways of life, and keep the reform movement

moving forward. Financing from this operation was also helping to ensure that public finances

remained sustainable amidst the need for a strong anti-crisis fiscal response. This proposed

operation is fully consistent with the new focus areas of the 2018 Performance and Learning

Review (PLR), which adjust the 2016-2020 Country Partnership Framework (126078-UZ; June

26, 2018).

The implementation of the project is coordinated by the Ministry of Finance, which

worked with other government agencies involved in the implementation of the operation,

including the Presidential Administration, the Office of the Cabinet of Ministers of Uzbekistan,

the Central Bank of Uzbekistan, the Ministry of Economy, the Ministry of Agriculture, the State

Asset Management Agency, the Ministry of Employment and Labor Relations, the Office of the

Cabinet of Ministers of Uzbekistan, and the State Committee on Statistics (The World Bank,

2022).

10 Project Feasibility and Economics

Feasibility and Economics Analyses

S .No Technique/Concept Stakeholder

position

Assumptions made

1 Private public

partnership application

Positive. The private sector is ready to invest in the

project and work with the government

2 ncertainty and

Sensitive Analysis

Neutral The result is based on the assumption that the

project will be implemented as planned.

3 Schedule Feasibility Negative The schedule of the project may be affected

by unforeseen circumstances, including the

delay in approvals from the government

4 Tax and Inflation Negative The project may be affected by tax rate

charges and inflation which could impact the

financial viability of the project

5 Legal Environment Neutral The project is subject to the legal and

regulatory framework of the republic of

Uzbekistan

6 Impact and

Sustainability

Positive. The project is expected to have a positive

effect on the environmental and social

growth of Uzbekistan

11 Project Feasibility and Economics

Explanation of Result for Each Feasibility and Economic Concept

B1: Private Public Partnership Application.

Application of the Private Public Partnership (PPP) in the feasibility analysis of proposed

operation in Uzbekistan is an important consideration. PPPs are contractual arrangements

between a public agency and a private party. As per the Kleiss and Imura's (2006) article, a

private entity can provide goods, services or facilities to a public institution for a definite period

employing remuneration or any other form of compensation. Public-Private Partnerships (PPPs)

are rapidly gaining prominence in development due to their capability of helping governments

leverage private capital and expertise to ensure better efficiency in providing public amenities.

A beneficial partnership between the public and private sectors can be established

through a Public-Private Partnership (PPP). Still, its success depends on a detailed examination

of the pros and cons(Fisu and Didiharyono, 2020, p.1). To ensure the contract's validity, it is

crucial to appraise various components such as funding sources, payment methods, risk

distribution amongst both parties and overall value for money being provided to the public

sector. Financial evaluations must also examine a private partner's capacity to fund projects by

analyzing their financial statements and lending capabilities and their ability to raise more assets

or equity financing when needed.

Assessing the payment structure of a project is crucial in determining whether or not it is

financially feasible. This requires an examination of the payment schedule, terms, and

conditions. It is equally important to ensure that the public partner can recover their investments

throughout the project's duration by developing sound payment mechanisms. When deciding if a

project should proceed, private and public partners must collaborate to determine how risks will

12 Project Feasibility and Economics

be divided between them. An evaluation should also determine if the private partner can manage

any inherent risks associated with executing such tasks without complications and avoid

transferring or sharing risk with their public sector counterparts. Further analysis may lead to

consideration over roping in third parties like financiers or insurers who can also bear the

additional risk associated with certain aspects of this work-handling process.

B2: Uncertainty and Sensitivity Analysis

Feasibility studies include uncertainty and sensitivity analysis so that the risks and

benefits of the project may be evaluated more accurately. One can make more informed choices

about the project's future if they have a firm grasp of the assumptions and stakeholder roles.

Monte Carlo simulation is a risk assessment method used for uncertainty and sensitivity analysis

to understand better the potential implications of many factors on a project. The probability of

several outcomes, such as the project's success or failure, and the costs and benefits of each are

assumed (Shamsidinova et al., 2030, p 297). The most probable conclusion, together with the

risks and potential benefits of the project, can be determined using the simulation data.

The second kind is sensitivity analysis, a method for determining how potential shifts in

project parameters can affect final results. By conducting this sort of analysis, project

participants may zero in on the factors that will most impact the final product and the risks and

potential payoffs associated with those factors. Risk and reward are assumed to be proportional

to the changes in the variables and the outcome. Scenario analysis might determine how various

project parameter changes can affect the final result. Assumptions are made regarding the size of

the changes in the variables, the significance of the changes to the result, and the risk and reward

of each change while employing this method. In order to make a well-informed choice on the

project's future, it is crucial to comprehend the assumptions and stakeholder roles underlying

13 Project Feasibility and Economics

each of these methods. Probabilities, the size of changes in the variables, and the effects of such

shifts on the outcome must be assumed. To guarantee that everyone has a voice in the decision-

making process, it is also necessary to identify the various stakeholders and establish their

respective roles.

B3: Schedule Feasibility.

The Schedule Feasibility of the proposed operation in Uzbekistan is supported by the

Critical Path Method (CPM) and Program Evaluation and Review Technique (PERT) project

network and duration, with Work Breakdown Structure (WBS) providing the overarching

framework for assessing the feasibility of the project.

Critical Path Method (CPM)

The CPM is a deterministic approach to project scheduling and is used to identify and

prioritize activities critical to the project's successful completion. The approach is based on the

assumption that all activities have fixed durations and that all activities are linked together in a

logical sequence. This approach is useful for assessing feasibility and managing resources to

meet project deadlines.

Stakeholder Role

The individuals interested in this project carry the responsibility for supplying valuable

input into the Critical Path Method (CPM) model. Their crucial role entails furnishing details on

diverse aspects, including but not limited to activity duration time, dependencies between

activities, and resource requirements. The stakeholders comprehensively oversee and measure

14 Project Feasibility and Economics

progress throughout each stage of development, meanwhile sharing constructive comments with

the management team tasked with timely completion while staying within budget constraints.

Program Evaluation and Review Technique (PERT)

The PERT is a probabilistic approach to project scheduling used to identify and prioritize

activities critical to completion. The approach presumes that all activities have variable durations

and are linked together in a logical sequence.

Work Breakdown Structure (WBS)

The WBS is a hierarchical breakdown of the project activities and provides a framework

for assessing the project's feasibility. According to WBS, all activities are linked logically, and

each activity is broken down into smaller tasks. This approach is useful for managing resources

to meet project deadlines and assessing feasibility.

B4: Tax and Inflation

It is necessary to consider each concept's assumptions and stakeholder roles to assess the

effect of tax and inflation on feasibility outcomes. Tax and inflation directly impact a project's

feasibility, as both can influence the availability of resources and the project's cost.

Consequently, it is crucial to evaluate the impact of assumptions and stakeholder roles for each

proposition. Governments rely heavily on tax money, which is crucial to a nation's progress.

Public services, such as infrastructure improvements and social welfare programs, rely on tax

revenues for funding. The cost of running a business in a country is affected by its tax policies,

which can significantly affect the viability of a project. If, for instance, a high corporate tax rate

increases the cost of conducting business, this could reduce the project's viability. Furthermore,

15 Project Feasibility and Economics

taxes can affect the total budget for a project. For instance, if taxes are too exorbitant, potential

investors could think twice before putting money into a venture.

Costs may rise, and currency may lose purchasing power due to inflation. As a result, the

project's cost may rise over what can be justified. In addition, inflation can impact resource

availability by lowering the quantity of capital available to engage in a specific endeavour. When

determining how tax and inflation will affect feasible outcomes, it is essential to consider the

underlying assumptions and stakeholder responsibilities associated with these ideas. The primary

premise of taxation is that regulations are developed to promote investment and not hinder

commercial growth. A stakeholder here has to advocate for tax laws that encourage project

investment and reduce operational costs. It is assumed that inflation will be contained within a

tolerable range. The stakeholder's responsibility is to prevent the inflation rate from rising to the

point where it will increase the overall project cost or reduce the available budget.

B5: Legal Environment.

The legal environment refers to the laws, regulations, and policies governing businesses

and investors' activities. Understanding a country's legal environment is important because it can

significantly impact a project's feasibility. When conducting a project feasibility analysis, it is

important to consider the legal environment of the country in question by checking the rules and

regulations that govern the activities of businesses and investors in the country. The operation is

done since one, and the legal environment will determine the type of business activities allowed

and the restrictions that must be adhered to. Second, it will determine the compliance and

enforcement of those laws and regulations, which can significantly impact the success or failure

of a project.

16 Project Feasibility and Economics

In understanding the legal environment of a country, an assessment of the existing laws

and regulations that govern the activities of businesses and investors is done. The assessment

examines the laws related to foreign investment, taxation, labour, health and safety, intellectual

property, competition, and environmental protection. It is also important to consider the legal

environment for enforcing these laws and regulations. The stakeholder role in a project

feasibility analysis is to ensure that the legal environment is considered when assessing a

project's potential success or failure. The stakeholders should ensure that the legal environment

is conducive to the project's success and that all laws and regulations are followed.

B6: The Impact of Sustainability

Sustainability is "meeting the needs of the present without compromising the ability of

future generations to meet their own needs”(Veckalne and Gerulaitiene, 2022, p.90). It

encompasses environmental, economic, and social aspects, each of which must be considered

when assessing the feasibility of a project. In the case of Uzbekistan, sustainability must be

considered to ensure that the country's reform agenda is successful, and that the population can

lead a prosperous life. To this end, the World Bank Group has engaged in various activities to

support the country in achieving its goals. The proposed action aligns with the World Bank's

strategic response plan for the COVID-19 crisis (Tulyakov, 2020, p. 17). Its goals include,

boosting economic possibilities for rural residents, empowering women in the workforce,

expanding access to social safety nets, and promoting efficiency of resources, long-term viability

and transparency.

From an environmental sustainability standpoint, the proposed operation includes

measures to strengthen the sustainability of agriculture and energy sectors. This includes

17 Project Feasibility and Economics

increasing energy efficiency, reducing greenhouse gas emissions, and improving water

management. These measures are essential for the long-term health of the environment, as well

as for the economic well-being of the country. Regarding economic sustainability, the proposed

operation seeks to increase factor market efficiency and boost private sector’s investment and

growth. The increase is essential for promoting economic growth and job creation in the country

and ensuring that public finances remain sustainable. The proposed operation also seeks to

rebuild macroeconomic buffers, which will help to mitigate the risks posed by the COVID-19

crisis. From a social sustainability standpoint, the proposed operation aims to improve social

safety nets and increase women's economic participation and well-being.

Figure 2https://blogs.worldbank.org/climatechange/uzbekistan-policy-dialogue-builds-

momentum-transition-green-economy

Financial health assessment using financial statement and ratio analysis

Financial health assessment is an important component of any feasibility analysis. For the

proposed project, financial health can be conducted by analysing the financial statement of the

World Bank and evaluating its liquidity, profitability and solvency ratios. The liquidity ratio such

as current ratio and quick ratio can be used to assess the ability of the bank to meet its short-term

18 Project Feasibility and Economics

obligations. On the other hand, the profitability ratio such return on assessment (ROA) and return

of equity (ROE) can be used to evaluate the profitability of the bank.

19 Project Feasibility and Economics

Project appraising

This is a crucial component of the feasibility analysis which involves evaluating the potential of

a project by estimating the cost and benefits associated with it. Project appraising can be carried

out using several methods as supply and demand analysis, multiplier effect analysis, net present

value (NPV), internal rate of return (IRR), payback period, and profitability index method. The

supply and demand for a proposed project can be used to assess the demand of the market and

estimate the supply of similar projects in the market. The multiplier effect can be used to

evaluate the indirect economic impact of a proposed project while NPV, IRR, payback period

and profitability index can be used to estimate the return of finance and cost with the proposed

project. In general, the feasibility and economic analysis of the Uzbekistan project can be

assessed through financial health assessment and project appraisal. These assessment methods

can give valuable insight into the potential success or failure of the project, identify the risk and

challenges, and help the planners to come up with strategies to mitigate them.

20 Project Feasibility and Economics

Discussion

The proposed operation in Uzbekistan is a major undertaking that has the potential to

bring about significant economic and social improvements. The operation seeks to enhance the

efficiency, sustainability, and the transparency of resource usage to better serve rural residents,

women, and those in need of social safety nets. Several analyses were conducted to assess the

project's feasibility, including a private-public partnership application, uncertainty, and

sensitivity analysis, a schedule feasibility, tax and inflation, legal environment, and

sustainability. Through the feasibility analysis, the proposed operation has the potential to be

successful.

The private-public partnership application analysis showed that the project's success

hinges on a rigorous assessment of its potential benefits and risks, which should be undertaken

before signing the contract (Lee and Chu, 2023, p. 738). The assessment should consider the

sources of finance, the payment mechanism, the risk allocation between the public and private

partners, and the value for money the project can generate for the public sector. Uncertainty and

sensitivity analysis showed that assumptions must be made about the probability of certain

events occurring, the magnitude of the changes in the variables, and the impact of the changes on

the outcome. The schedule feasibility analysis showed that Critical Path Method (CPM) and

Program Evaluation and Review Technique (PERT) project network and duration, with Work

Breakdown Structure (WBS) providing the overarching framework for assessing the feasibility

of the project.

The tax and inflation analysis showed that taxes are an essential source of revenue for

governments, and they play a critical role in developing a country. Tax policies can directly

impact the feasibility of a project, as a high corporate tax rate increases the cost of doing

21 Project Feasibility and Economics

business. In addition, taxes can also influence the amount of resources available to a project.

Inflation can lead to an increase in costs and a decrease in the value of money, making a project

less feasible. In understanding the legal environment of a country, an assessment of the existing

laws and regulations that govern the activities of businesses and investors is done. The

stakeholder's role in a project feasibility analysis is to ensure that the legal environment is

considered when assessing a project's potential success or failure.

Sustainability is an important factor to consider when assessing the feasibility of a

project. According to the World Bank's COVID-19 Crisis Response strategy paper, the planned

operation in Uzbekistan is acceptable. Improving economic possibilities for rural residents,

boosting female economic participation and well-being, and broadening access to social safety

nets are some of the goals of this program, which also aims to raise the efficiency, sustainability,

and the transparency of resource exploitation. The assumptions underlying these sustainability

aspects must be considered when assessing the project's feasibility.

The overall financial situation of the project can be improved by focusing on the sources

of finance, payment mechanisms, and risk allocation between the public and private partners.

The project's sources of finance should be assessed to ensure the private partner can finance the

project. The payment mechanisms should be designed to safeguard the public partner's recovery

of its investments over the project's life. The risk allocation between the public and private

partners should also be considered in assessing the project's feasibility. In addition, the

stakeholders should ensure that the legal environment is conducive to the project's success and

that all laws and regulations are followed.

The proposed operation in Uzbekistan has the potential to be a successful venture, but it

is essential to consider the strengths and weaknesses of the project. The strengths include the

22 Project Feasibility and Economics

ability to leverage private capital and expertise to deliver public goods and services more

efficiently; the use of uncertainty and sensitivity analysis to assess the potential risks and rewards

associated with the project; the use of the Critical Path Method (CPM), Program Evaluation and

Review Technique (PERT), and Work Breakdown Structure (WBS) for assessing the project's

feasibility; and the acknowledgement of sustainability as an essential factor in assessing the

project's feasibility. The weaknesses include the need to determine the sources of finance and

risk allocation between the public and private partners, the need to consider the assumptions and

stakeholder roles when assessing the impact of tax and inflation on feasibility outcomes, and the

need to consider the assumptions underlying the sustainability aspects.

23 Project Feasibility and Economics

Executive Summary

This report assesses the feasibility of the proposed "Uzbekistan: Supporting a Transparent

and Inclusive Market Transition" (P171751) operation in the Republic of Uzbekistan. The

project is funded by the World Bank and have been estimated to have a board date of December

16, 2020, with total financing of 500 million US dollars. The project deployed techniques such as

private-public partnership application, uncertainty, and sensitivity analysis, a schedule

feasibility, tax and inflation, legal environment, and sustainability. It was concluded that the

proposed operation has the potential to be successful. Still, its success hinges on a rigorous

assessment of its potential benefits and risks before signing the contract. The report recommends

focusing on the sources of finance, payment mechanisms, and risk allocation between the public

and private partners. In addition, stakeholders should ensure that the legal environment is

conducive to the project's success and that all laws and regulations are followed.

24 Project Feasibility and Economics

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27 Project Feasibility and Economics

Glossary

Uzbekistan: A country in Central Asia.

Supporting a Transparent and Inclusive Market Transition: A proposed project aimed at

promoting transparency and inclusivity in Uzbekistan's market transition.

P171751: An identification number used to identify the proposed "Uzbekistan: Supporting a

Transparent and Inclusive Market Transition" operation in the Republic of Uzbekistan.

World Bank: An international financial institution that provides loans and grants to developing

countries.

Board date: The date when a proposed project or operation is presented to the board of directors

for approval.

Total financing: The amount of money that will be provided to fund the proposed project or

operation.

Private-public partnership: A business model in which a private company works with a

government agency to provide a public service.

Uncertainty analysis: An analysis that examines the potential risks and uncertainties associated

with a proposed project or operation.

Sensitivity analysis: An analysis that examines how changes in certain variables can affect the

success of a proposed project or operation.

Schedule feasibility: An analysis that examines the timeline of a proposed project or operation to

ensure that it is achievable.

Tax and inflation: An analysis that examines the potential tax and inflation implications of a

proposed project or operation.

Legal environment: The laws and regulations that affect a proposed project or operation.

Sustainability: The ability of a proposed project or operation to be economically, socially, and

environmentally sustainable.

28 Project Feasibility and Economics

Risk allocation: The process of identifying and assigning potential risks to specific parties

involved in a proposed project or operation.

Stakeholders: Individuals or organizations that have an interest in the success or failure of a

proposed project or operation.

29 Project Feasibility and Economics

Appendices

Appendix-1

Source: https://images.app.goo.gl/MpNwHLUxZX6sN4Wm9

Appendix-2

Source: https://images.app.goo.gl/LoxjWgMVMdvVjYgC8