Uzbek leasing company attracts loan line of international organization
Tashkent, Uzbekistan, July 1
By Demir Azizov- Trend:
The JV "UzbekLeasing International JSC" which is among the largest leasing companies in Uzbekistan, drew a credit line of the Islamic Corporation for the Development of the Private Sector (ICD) in the amount of $5 million to finance leasing projects in the sphere of small and private businesses, the company told Trend.
The agreement on the opening of the credit line signed last week, during the 39th annual meeting of the Board of Governors of the Islamic Development Bank, held in Jeddah (Saudi Arabia), the company's representative said.
The JV "UzbekLeasing International JSC" was created in accordance with the governmental decree in 1995 by the National Bank for Foreign Economic Activity of Uzbekistan (NBU), Malayan Banking Berhad (Maybank, Malaysia) - with 35 percent share in the authorized capital, the European Bank for Reconstruction and Development and the International Finance Corporation - with a 15 percent share for each.
In early 2013, the Uzbek government approved with its decree the deal on assignment share of the EBRD and the IFC in favor of the "Uzbek-Oman investment company" LLC in the authorized capital of the "UzbekLeasing International JSC" joint leasing company.
The authorized capital of the leasing company is $9million, which NBU and Maybank own 35 percent ($3.15 million) each, "Uzbekistan-Oman Investment Company" LLC - 30 percent ($ 2.7 million).
UzbekLeasing International JSC sold about 600 leasing projects worth in total about $ 100 million in all regions of the country during its activity.
The total volume of leasing operations in Uzbekistan in 2013 increased by 36 percent compared to 2012 - up to 805.2 billion soums, the volume of the leasing market - by 16.5 percent up to 1.511 trillion soums.
Uzbekistan became a member of the ICD in 2004. The total financial resources provided by the corporation for lending to small business and entrepreneurship in the country now stands at about $ 80 million.
Official exchange rate on July 1 is 2316.27 soums / $ 1
Edited by CN