BAKU, Azerbaijan, May 12
By Ilkin Seyfaddini – Trend:
More and more enterprises in Uzbekistan, including small and medium enterprises (SMEs), will benefit from the export and import opportunities available under the trade finance agreement signed between the European Bank of Reconstruction and Development (EBRD) and one of the leading banks in Uzbekistan - Joint-Stock Commercial Mortgage Ipoteka-Bank, Trend reports with reference to the Uzbek bank.
"In response to the coronavirus pandemic and its economic impact, the EBRD is dedicating all its efforts to supporting its partner regions. An important part of this work is to increase the EBRD's much-needed support for trade finance, which in Uzbekistan alone has now reached $220 million," the report said.
An additional trade limit of up to $30 million for JSC Mortgage Bank under the EBRD's Trade Facilitation Program (TFP) will help domestic exporters and importers continue their activities, the message said.
"TFP promotes international trade in countries in which EBRD invests, including Uzbekistan, from and within these countries. Under this program, EBRD provides guarantees to international confirmed banks by assuming the political and commercial payment risk of international trade transactions conducted by the banks in these countries. Access to finance is provided for exporters and importers, including small businesses, which strengthens local compliance capacity and develops trade finance skills," the message said.
Joint-Stock Commercial Mortgage Ipoteka Bank has 39 branches throughout Uzbekistan and is well-placed to provide much-needed support to Uzbek enterprises, so they can better manage their inventories and plan longer trade cycles.
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