Uzbek company, EBRD sign loan agreement
Baku, Azerbaijan, May 23
By Fakhri Vakilov-Trend:
The European Bank for Reconstruction and Development (EBRD) and Uzbek Leasing International JSC signed a loan agreement worth $5 million, Trend reports citing Gazeta.uz.
The loan is planned to be allocated to finance leasing projects for small and medium-sized businesses in Uzbekistan.
Joint Stock Company Uzbek Leasing International A.O. was created in 1996. The organization is a universal leasing company that provides leasing services for motor vehicles, special equipment and machinery in various sectors of the economy.
The EBRD is one of the founders of the company and its reliable partner for many years. During the period of the cooperation, EBRD has provided credit resources totaling to $10 million to the company.
The EBRD has also provided technical assistance to the company on credit analysis, risk management and management accounting system development.
Over the past two years, Uzbek Leasing International concluded similar lending agreements with international financial institutions such as the Asian Development Bank, Islamic Corporation for the Development of the Private Sector, International Finance Corporation, AKA Bank (Germany ), investment fund Incofin (Belgium) and KDB Bank.
These agreements amounted to $35 million. About 100 projects in the field of medicine, agriculture, construction, food production and building materials were financed with these funds.
Uzbek Leasing International finances leasing projects of small and medium-sized businesses for a period of up to five years, with a maximum amount of up to $3 million and at a rate of 8 percent per annum. Financing is carried out in national and foreign currencies.
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