Uzbekistan invests in family entrepreneurship development
BAKU, Azerbaijan, May 22
By Ilkin Seyfaddini - Trend:
Agrobank, Halyk Bank and Microcreditbank of Uzbekistan will receive $100 million from the Fund for Reconstruction and Development of Uzbekistan (FRDU), Trend reports citing Forbes Uzbekistan.
On May 20, President of Uzbekistan Shavkat Mirziyoyev signed a decree on additional financing of the program "Every Family - entrepreneur".
"The document stipulates that the Fund for Reconstruction and Development of Uzbekistan will provide three state banks with additional $100 million in equivalent: $40 million to Agrobank and $30 million to Halyk Bank and Microcredit Bank each," the message said.
Relevant amendments and additions will be made to the loan agreements between the banks and FRDU on the conditions determined by the presidential decree on additional measures to improve the procedure of lending to projects implemented within the framework of state programs of family entrepreneurship development signed on October 24, 2019.
According to the decree, this year, Agrobank, Halyk Bank and Microcredit Bank will allocate 2.41 trillion soum ($237.3 million) for crediting projects under the program "Every Family - entrepreneur". The interest rate on these resources is set four percentage points below the refinancing rate of the Central Bank (15 percent), the report said.
Follow author on Twitter: @seyfaddini