BAKU, Azerbaijan, Oct. 28
By Fakhri Vakilov - Trend:
Swiss Symbiotics Group investment company provides investments to Uzbekistan’s financial institutions, now including Ipak Yuli Bank, that in turn finance local businesses and population, representative of Symbiotics told Trend in an interview.
The official added that the credit line will finance promising projects of small and medium-sized businesses.
Earlier Trend reported that Symbiotics allocated the first credit line to Uzbekistan’s Ipak Yuli bank to finance promising projects of small and medium-sized businesses.
"While no detailed research has been recently done on this topic, we observe in Uzbekistan a large number of small and medium sized enterprises and individual entrepreneurs lacking financial resources needed for development. Moreover, it is considered that millions of Uzbek workers go every year abroad due to the deficit of job opportunities in the country," the official said.
Symbiotics seeks to foster job creation, improve access to financial services and to primary goods, such as housing, food and energy in the country, said the representative.
Symbiotics deals with market research, impact bonds, investment funds, investment mandates, capacity building, impact measurement solutions and financing solutions. Since 2005, the company has structured and originated over 4,000 transactions, representing more than $5 billion, as well as invested into 380 companies in 78 emerging and frontier markets.
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