Uzbek entrepreneurs benefiting from Korea Eximbank credit line
Tashkent, Uzbekistan, Jan. 12
By Mamed Dashdemirov – Trend:
As of Jan. 1, 2018, customers of Uzbekistan's Industrial and Construction Bank JSCB (Uzpromstroybank) drew $8.3 million within a credit line from the Export-Import Bank of Korea (Korea Eximbank) for implementation of 16 projects, the Uzbek bank told Trend.
The first agreement between Korea Eximbank and Uzpromstroybank JSCB on opening a $10 million credit line was signed in May 2015. At the end of November 2017, the credit line was increased to $30 million.
Loans are issued to finance import contracts for purchase of technological and special equipment, produced in South Korea, by representatives of small business and private entrepreneurship of Uzbekistan.
In particular, they are granted both short-term loans with a maturity period of up to two years and medium-term loans with a maturity period of up to 7 years. In the first case, the full cost of the import contract is financed, while in the second case, up to 85 percent of the cost is covered.
The minimum amount of loan is $100,000.