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Uzbek-Emirati Investment Company opens funding line for Uzbek bank to support SMEs

Business Materials 17 November 2020 19:09 (UTC +04:00)
Uzbek-Emirati Investment Company opens funding line for Uzbek bank to support SMEs

BAKU, Azerbaijan, Nov. 17

By Klavdiya Romakayeva - Trend:

Abu Dhabi Uzbek Investment opened a long-term financing line in the amount of $10 million for the development of small and medium-sized businesses to Kapitalbank JSCB in Uzbekistan, Trend reports citing repost.uz.

The financing agreement for a period of five years was signed on November 16.

The signing of an agreement between Kapitalbank and Abu Dhabi Uzbek Investment was the first stage in the development of long-term relationships.

Over the past six months, Kapitalbank has been placing a separate emphasis on financing small business and entrepreneurship projects for amounts of up to $100,000.

For these purposes, the bank has greatly simplified the process of collecting and processing the necessary documents, and the decision on financing is based not so much on formal accounting reports, but on a real assessment of the business efficiency.

At the same time, the bank's decision-making process takes five days. Such efficiency, along with an informal approach to project evaluation, turned out to be in great demand among entrepreneurs and the business community.

The Abu Dhabi Uzbek Investment JV was established in July 2019 by decree of the President of Uzbekistan with the participation of the Fund for Reconstruction and Development of Uzbekistan and the Development Fund of Abu Dhabi with an announced capital of $1 billion.

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Follow the author on Twitter: @romakayeva

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