Uzbek small businesses to be funded by EBRD
BAKU, Azerbaijan, Sept. 17
By Klavdiya Romakayeva - Trend:
The European Bank for Reconstruction and Development (EBRD) will stimulate the business activity of small and medium-sized domestic companies affected by the coronavirus pandemic, Trend reports referring to the EBRD press service.
The EBRD is scaling up its support to small and medium-sized enterprises (SMEs) in Uzbekistan, where they create about 50 percent of GDP and employ almost 80 percent of the workforce.
A new loan of up to US$ 50 million to Bank Asaka may be disbursed in three different currencies (US dollars, Euros, and Uzbek soums) to cater needs of Bank Asaka.
The loan will be provided in two tranches of US$ 20 million and US$30 million respectively.
The EBRD funds will also contribute to the further commercialization, greater efficiency, and competitiveness of Bank Asaka paving the way for its eventual privatization.
The EBRD launched two Solidarity Packages in response to the coronavirus pandemic and now expects to dedicate the entirety of its business investments of up to €21 billion in 2020-21 to overcome the economic impact of the crisis.
To date, the EBRD has invested €1.8 billion in the economy of Uzbekistan, participating in 81 projects.
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