Baku, Azerbaijan, April 16
Trend:
The European Bank for Development and Reconstruction (EBRD) is allocating new funds to Uzbekistan to support trade finance, Trend reported citing the press service of the EBRD.
A package of up to $150 million will be made available to Asaka Bank, Ipoteka Bank and UzPromstroybank, which will receive new limits under the EBRD’s Trade Facilitation Programme (TFP).
"The funds will be used to help Uzbek exporters and importers mitigate the disruptions that severe market conditions have caused in trade and supply chains," the message said.
Trade finance limits of $60 million to Asaka Bank, $30 million to Ipoteka Bank and $60 million to UzPromstroybank will allow Uzbek businesses to better manage commodity stocks and plan for longer trade cycles.
The three financial institutions are long-term EBRD clients, which together operate over 100 branches across the country and provide services to tens of thousands of domestic businesses.
They are well placed to promote foreign economic activity by local firms, which is much needed to support the national economy, the message said.
To date, the EBRD has invested 1.85 billion euros through 79 projects in Uzbekistan’s economy.
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