Baku, Azerbaijan, Sept. 5
By Fakhri Vakilov-Trend:
The European Bank for Reconstruction and Development (EBRD) offers new financing opportunities to domestic importers and exporters in Uzbekistan by opening a limit of up to $20 million under the EBRD’s Trade Facilitation Program (TFP) to Asaka bank, Trend reports referring to EBRD.
With 22 branches across Uzbekistan, the Asaka bank will be well-placed to provide financial resources to domestic companies willing to expand their trade operations, read the message.
The trade finance facility will help Asaka bank to support import and export transactions, further develop its correspondent banking services and strengthen its trade finance product range.
TFP promotes international trade to, from and within the Bank’s countries of operations, including Uzbekistan. Through the Program, the EBRD provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of Bank's operations.
This is EBRD’s latest partner bank to join the program in Uzbekistan. Trade Facilitation Program will provide access to finance for exporters and importers, including small and medium-sized enterprises, strengthen local capacity in compliance and advance trade finance skills. The focus will be to support private sector transactions and facilitate trade for the “green” technologies, materials and services.
Following the reengagement with Uzbekistan in 2017, the EBRD TFP team has delivered two regional conferences and six training workshops, which were attended by approximately 500 local banking professionals.
During 2019-2020, the EBRD will be working with the government to improve legislation and regulation in support of enhanced business environment for international trade finance products, including factoring and financial technologies.
To date, the EBRD has invested 1.3 billion euros through 70 projects in the economy of Uzbekistan.
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