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).

Do you have any feedback? Contact our journalist at: [email protected]

Big foreign IT companies entering Georgia's market
Big foreign IT companies entering Georgia's market
Azerbaijan applies Lithuanian company's hotel management system project
Azerbaijan applies Lithuanian company's hotel management system project
Rostelecom increases capacity of Uzbektelecom's access to Russian segment of Internet
Rostelecom increases capacity of Uzbektelecom's access to Russian segment of Internet
Loading Bars
Latest
Russia, India kick off joint naval drills in Indian Ocean
NCDC to study COVID-19 reinfection cases
Turkey reports over 32,736 new COVID-19 cases
Azerbaijan unveils funds value received by Armed Forces Relief Fund as of December 1
Kazakhstan, Russia agree on measure to restore ecosystem of transboundary rivers
Iran reveals its COVID-19 data for December 4
Kazakhstan's coal extracting venture to buy spares via tender
French activists protest against Amazon's expansion
Azerbaijani, Bulgarian FMs discuss bilateral cooperation
Azerbaijani public reveres memory of martyrs of Karabakh conflict (PHOTO)
Electricity Market Concept Design defines gradual retail market opening in Georgia
Import of rice by Azerbaijan up
Baku Metro opens tender to buy tire connections
French parliament loses ability to be serious partner – Turkish Grand National Assembly
Investments in Georgian Poti Free Industrial Zone diversified by regional countries
Iran's next years budget unlikely to improve economy - Head of Parliament Plan and Budget Commission
Azerbaijan raises value of imports from Lithuania in 10M2020
Big foreign IT companies entering Georgia's market
Azerbaijan's Compulsory Insurance Bureau compensating bankrupted insurer's creditors
Georgia sees increase in tangerines export
Azerbaijan shows video footage from Yanshag village of Kalbajar district (VIDEO)
EDB, KazakhExport to jointly insure exports of insulated cars from Kazakhstan
Georgian Chamber of Commerce working on several projects to help SMEs
Azerbaijan's irrigation company to finance power supply of crop areas
Turkmenistan builts new mosque in Afghanistan's Akina town (PHOTO)
Azerbaijani, Latvian FMs exchange views on current situation in region
International organizations aim to finance road construction and repair in Georgia
Georgia sees increase in imports of dairy products
Azerbaijan unveils 10M2020 railway export operations
EDB to fund investment projects in priority sectors of Kazakhstan Development Bank
Azerbaijani FM receives Belarusian ambassador amid completion of his diplomatic mission (PHOTO)
Azerbaijani Foreign Ministry delivers diplomatic note to French ambassador
Global debt to hit $200 trillion - S&P Global
Turkmengas opens tender for purchase of general equipment
Ankara honors memory of Azerbaijan's martyrs (PHOTO)
First Vice-President Mehriban Aliyeva: We will never forget Patriotic War martyrs (PHOTO)
Azerbaijan applies Lithuanian company's hotel management system project
“Ural Airlines” to take citizens of the Russian Federation out of Azerbaijan
Serbia to pay off loan received from Azerbaijan for road construction
Turkish export cargo to China to pass through Port of Baku
Uzbekistan Airways resumes flights to Kazakhstan’s Nur-Sultan
SOCAR Ukraine's aviation fuel imports for November
Surge in COVID-19 cases reported at Kazakhstan's Tengiz oil field
Turkish president supports Azerbaijani counterpart’s recommendation to France
SOCAR expands its activities in Ukraine
Iran – UK trade could improve by money transfer facilities
Turkey records more Uzbek companies in 10M2020
Budget of Georgia Ministry of Regional Development and Infrastructure to be highest
Rostelecom increases capacity of Uzbektelecom's access to Russian segment of Internet
Central Bank of Azerbaijan eyes to raise funds on Bloomberg trading platform
Azerbaijan was rooting for us – National gymnastics team member (PHOTO)
Azerbaijan ramps up goods exports via stationary transport
UAE’s activity on Turkmenistan’s exchange in November
Azerbaijan confirms 4,267 new COVID-19 cases, 2,566 recoveries
Kazakhstan Development Bank to co-op to promote EAEU integration
Karabakh to become ecotourism center of regional importance - Association of Hotels and Restaurants of Azerbaijan
Oil moves up towards $50/bbl after OPEC+ supply compromise
Number of COVID-19 infections in Russia increases by 27,403 in 24 hours
Turkish minister to get acquainted with construction progress of Kars logistics center
International law firms enter Georgian market
EU urges countries to keep COVID in check over festive season
Baku cathedral parishioners honor memory of martyrs of Azerbaijan's Patriotic War (PHOTO)
Bank of Israel intervenes in foreign exchange market
Turkey, Iran commemorating Azerbaijani martyrs of Patriotic War
Uzbekistan’s volume of media market up in 2021
Kazakhstan, Russia agree on steps to expand co-op in geology
Iran-Iraq Joint Trade Commission to be established soon
Karabakh can become leading IT Hub in South Caucasus, says Azerbaijani analyst
Kazakhstan to launch manufacturing of Russian anti-COVID vaccine before year-end
Ganja honors memory of martyrs of Azerbaijan's Patriotic War (PHOTO)
Substantial NATO-Georgia Package updated at meeting of NATO Ministers of Foreign Affairs
Belonging of Nagorno-Karabakh region determined upon relevant UN Security Council’s resolutions - press secretary of Russian president
UNHCR reveals details of joint meeting with Turkmenistan to end statelessness
Kazakhstan ups trade with Turkey for 10M2020
EBRD reduces its equity stake in Georgian TBC Bank
TAP to hold market test to double capacity
Second Karabakh war - brightest page in national memory of Azerbaijan, says Russian cleric
Azerbaijan presents musical composition commemorating martyrs of Patriotic War (VIDEO)
Amnesty International unveils photo proof of Armenian-inflicted damage in liberated Kalbajar (PHOTO)
Iran to increase revenue by development of gas transmission
Energy Commission of Iranian Chamber of Commerce discusses oil revenue forecast
9 Azerbaijani gymnasts return from European Championships with medals - head coach
Ukraine to continue supporting Azerbaijan's territorial integrity
Mountain Jewish Community honors memory of martyrs of Azerbaijan’s Patriotic War (PHOTO)
UNHCR talks cooperation with Turkmenistan on fight against statelessness
ENI to support activities of center to develop oil&gas engineering in Kazakhstan
Beeline mobile operator working in Khankendi city - fake news, Russian web portal says
Azerbaijan Banks Association to develop digital payment ecosystem
Trade takes up largest share in total turnover of Georgian business sector
Uzbekistan considers production of Bentley electric vehicles
Iran's Minister of Petroleum discusses OPEC+ meetings
Kazakhstan more than doubles petroleum oil exports to Croatia
Caspian Drilling Company updates on Satti rig upgrade
Gold price in Azerbaijan up
Kazakhstan, Austria trade turnover down year-on-year
Turkmenistan exploring possibility of producing cement from local raw materials
Turkmenistan working to maintain technical condition of gas pipelines
OPEC+ decision: Oil glut could be hitting the market soon
Georgia hits record high COVID-19 daily cases
Azerbaijan Banks Association implementing new banking services project
All news