EBRD, Dutch Development Bank to assist Uzbek small businesses

Baku, Azerbaijan, Oct. 16

By Fikret Dolukhanov – Trend:

The European Bank for Reconstruction and Development (EBRD) will allocate the first syndicated loan worth up to $20 million to the Uzbek Joint-Stock Commercial Bank Ipak Yuli for lending to small and private businesses, the press service of the Uzbek bank said.

The corresponding agreement was signed by the parties on Oct. 15.

The syndicated loan consists of two parts. The first part of up to $10 million will be allocated from the EBRD’s own funds and the second part of the loan ($10 million) by the Netherlands Development Finance Company (FMO).

The agreement also provides that Ipak Yuli Bank will receive special technical assistance covering various areas of lending to small and private businesses, as well as risk management as part of the program to develop financial institutions in Uzbekistan.

The Uzbek bank began cooperation with the EBRD in 2001 from provision of technical assistance to the bank for implementation of the Microcredit Program for micro and small enterprises.

Ipak Yuli Bank is a universal commercial bank, founded in 1990. As of Oct. 1, 2018, the total assets of the bank amounted to 3.3 trillion soums, and the current balance of loans issued by the bank reached 2.4 trillion soums. The branch network of the bank includes 15 branches and 53 express centers throughout the country.

(8208.04 soums = 1 USD on Oct. 16)

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Follow the author on Twitter: @FDolukhanov

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