Uzbekistan to develop financial sector with German KfW bank
Baku, Azerbaijan, Oct. 12
By Fakhri Vakilov-Trend:
Uzbekistan’s Ministry of Investment and Foreign Trade plans to launch the financial sector program “Financing Micro, Small and Medium Enterprises (MSMEs)” together with the German federal government, represented by KfW Development Bank, in the second half of 2020, Trend reports citing the ministry.
The main goal of the program is the steady growth of medium and long-term financing of small and medium enterprises in Uzbekistan. In addition, the program aims to support the development of competencies of participating financial institutions, strengthen the market integration of enterprises and strengthen value chains.
The financial sector program provides components of a credit line and technical support to partner financial institutions (PFCs) that have been selected in accordance with the criteria of the program.
Currently, on behalf of KfW, a consultant at the Frankfurt School of Finance & Management is conducting a preliminary study to develop the program and identify potential partner institutions participating in the program.
KfW (Kreditanstalt für Wiederaufbau) is a German state bank founded in 1948. The federal government of Germany owns 80 percent of the bank, and the remaining 20 percent belongs to the federal states of Germany.
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