Baku, Azerbaijan, Dec. 18
By Fikret Dolukhanov – Trend:
The German investment corporation DEG (Deutsche Investitions und Entwicklungsgesellschaft) allocated three million euros to the joint-stock innovative commercial bank Ipak Yuli to finance small businesses and private entrepreneurship, as part of support for the development of the private sector in Uzbekistan, Trend reports on Dec. 18 referring to the bank’s press service.
The funds were allocated within the framework of the agreement on the provision of a subordinated loan concluded on Nov. 26. The estimated line of financing and subordinated debt will allow Ipak Yuli Bank to significantly increase lending to small and private entrepreneurship, as well as projects in the field of energy efficiency in Uzbekistan.
The cooperation between Ipak Yuli Bank and DEG began on July 31, 2015.
Established in 1962, DEG is a German government financial and consulting company specializing in international development issues. The purpose of the organization is to promote the growth of developing countries and countries with economies in transition by supporting the private sector.
In early November, the International Finance Corporation (IFC), a member of the World Bank Group, provided Uzbek Ipak Yuli Bank with a loan of up to $15 million to expand lending to micro, small and medium enterprises in Uzbekistan.
Founded in 1990, Ipak Yuli Bank is the first private bank in Uzbekistan. The Bank provides a wide range of services to retail and corporate customers through a network of 14 branches and 68 express centers in six regions of Uzbekistan.
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