ADB allocates $ 50 million to Uzbekistan for microfinance

ADB allocates $ 50 million to Uzbekistan for microfinance

Uzbekistan, Tashkent, May 3 / Trend D.Azizov /

President of the Asian Development Bank (ADB) Haruhiko Kuroda and First Deputy Prime Minister and Finance Minister of Uzbekistan Rustam Azimov signed the loan agreement on opening of a credit line worth $50 million to finance small and micro entrepreneurship in Uzbekistan on Saturday.

The ADB Board of Directors approved the credit line in late April 2010.

President of Asian Development Bank (ADB) Haruhiko Kuroda (Haruhiko Kuroda) and First Deputy Prime Minister and Minister of Finance of Uzbekistan Rustam Azimov signed the loan agreement on Saturday to open a credit line of $ 50 million for projects to finance small and micro business of the country.

As reported, the ADB Board of Directors approved the credit line at the end of April this year.

The project on the development of microfinance was included into the program of the ADB-Uzbekistan financial cooperation in 2010.

The funds mainly will be issue to three Uzbek banks - Agrobank (20mln), Hamkorbank (20mln) and bank Ipak Yuli (10mln).

Under the loan's terms, at least 25 percent of the total number of funded projects should be accounted for the projects implemented by women. In addition, about 1,000 busineswomen who received the loans will be trained.

The means of the credit line will be spent at forming of working capital of small enterprises, the purchase of technology and equipment.

This is the second project within the development of microfinance, which Uzbekistan is implementing with the assistance of ADB. In 2002, the ADB has provided the country with a loan of $20 million to support credit unions.

Uzbekistan is the ADB member since 1995. Today, it is the largest recipient of financial institution's loans in Central Asia. Since 1995, the ADB has provided Uzbekistan with $1,29 billion to implement 30 projects in education, agriculture, modernization of transport infrastructure and energy sector and $40.75 million of grants for technical assistance.

Agrobank (one of the five largest banks in the republic) was transformed from Pakhtabank according to the Uzbek President's decree in March last year. Pakhtabank's main activity was lending to the cotton industry.

In 2009, the bank increased its assets by 44.3 percent compared to 2008 - up to 1,378 trillion soums, credit portfolio - to 1.4 times to 1.018 trillion soums, total capital increased by 31.6 percent to 172, 588 billion soums.

Hamkorbank was founded in 1991. Bank's head office is located in Andijan. The main activity of the bank is lending and financial services to small and medium-sized private entrepreneurship.

The bank uses loans of the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) for lending small entrepreneurship. Since 2002 Hamkorbank drew $ 17 million loans from these financial institutions.

In 2009, the bank's assets increased by 26 percent - up to 292 billion soums, total amount of loans increased by 18 percent - up to 153 billion soums, own capital - 36 percent to 39 billion soums. The authorized capital increased by 15 percent - up 17.4 billion soums.

Joint Stock Innovation Commercial Bank 'Ipak Yuli' was established in 1990. It is one of the banks with assets of $ 418.6 billion soums (up to 38.5 percent in 2009), loans - 151.6 billion soums (up 23.8 percent) and own capital 34.97 billion soums as of January 1, 2010 (increase in 1.5 times).

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