BAKU, Azerbaijan, Nov. 13
By Fakhri Vakilov - Trend:
European Bank for Reconstruction and Development (EBRD) and Uzbekistan’s Hamkorbank provided a loan of 540,000 euros under the Risk Sharing Program for Uzbekistan’s Tillo Domor cheese producer, Trend reports citing Uzbek media.
Thanks to financing from the EBRD and Hamkorbank, Tillo Domor will increase the volume of production, which will allow consumers of dairy products throughout Uzbekistan to gain access to wide varieties of cheeses.
Tillo Domor will receive 540,000 euros for up to 6 years. Moreover, 65 percent of the risk on such a loan will be covered by the EBRD as part of the joint Risk Sharing Program between the EBRD and Hamkorbank. Subsequent financing of the company for a total of 2 million euros is expected to be provided by the EBRD and Hamkorbank in early 2020.
This loan is supported by the EBRD's Finance and Technology Transfer Center for Climate Change (FINTECC), which is funded by the Global Environmental Facility Trust Fund. The company will be provided with a grant in the amount of $106,200, which, thanks to energy efficiency measures, will reduce annual water consumption by 6,500 m3, as well as reduce annual CO2 emissions of 368 tons (by reducing the use of natural gas). The FINTECC program is part of a global movement to transfer and adapt climate technology.
To date, the EBRD has invested 1.3 billion euros through 70 projects in the economy of Uzbekistan. Support of small businesses is particularly important as the country moves to reform its economy and strengthen its private sector.
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