Uzbekistan has announced a $5.4 billion spending program to launch 44 new electricity power projects by 2015, the Trend news agency reported on Monday.

Foreign partners will invest $2.5 billion into joint ventures with Uzbekistan, while state-owned power company Uzbekenergo and Uzbek Reconstruction and Development Fund will put up the remainder of the funds.

Uzbekenergo said that under the investment plan, the country will implement 15 new projects in power engineering and 10 more to modernize and develop its hydroelectric power capacity.

The energy firm estimated the cost of increasing power capacity to be $3.9 billion. The implementation of an automated control system that will update the electric power accounting system will cost a further $370 million.

All initiatives will be launched within a four-year energy sector modernization program lasting to 2015.

The state’s investment in Uzbekistan’s power sector follows guidelines suggested by the Asian Development Bank (ADB) on Tuesday at its 44^th Annual Meeting, taking place in Ha Noi, Vietnam from Tuesday to Friday.