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Uzbekistan’s Uzpromstroybank reveals plans for strategic dev’t in 2021

Finance Materials 23 January 2021 14:47
Uzbekistan’s Uzpromstroybank reveals plans for strategic dev’t in 2021

BAKU, Azerbaijan, Jan. 23

By Klavdiya Romakayeva - Trend:

Uzpromstroybank JSCB plans to bring the volume of the bank's total assets to 52.2 trillion soums ($5 billion) in 2021, Trend reports with reference to the bank’s press service.

In January 2021, a meeting of the board of Uzpromstroybank was held, during which the board members discussed the bank's strategy for 2021, coordinated tasks set by the president of Uzbekistan, and summed up the results of the bank's work in 2020.

In 2020, Uzpromstroybank assets amounted to 49 trillion soums ($4.7 billion), loan portfolio - 39.9 trillion soums ($3.8 billion), deposits - 11.4 trillion soums ($1 billion), and total capital - 6.7 trillion soums ($639 million).

During the year, the bank financed a total of 978 projects. It was noted that 996 of them were financed within regional development programs.

These include Shakhrisabz Textile LLC in the Shakhrisabz region, the Uz-Segang joint venture in Fergana, and Sardoba Oksary Textile LLC in the Sardoba region.

It was also noted that the bank supported entrepreneurs who found themselves in a difficult situation due to the COVID-19 pandemic. Some four trillion soums ($381 million) were allocated for 1,235 businessmen, 91 exporters received a total of 2.6 trillion soums ($248 million) on credit for up to six months.

Also, loans were extended to 3,800 customers for a total of 2.9 trillion soums ($276 million), and 132 exporters were allocated 3.6 trillion soums ($343 million) to replenish working capital.

In addition, with the assistance of the International Finance Corporation, a mechanism for financing green projects has been established. It is reported that 17 of them received $31.9 million.

Moreover, the bank's transformation process is being implemented with the support of experts from the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

As a result of the second stage, the corporate governance and risk management systems were improved on the basis of international standards. The council also includes four independent members with international experience in banking and finance, a corporate governance service has been introduced and five new committees have been organized.

In 2021, the bank plans to increase the volume of the total assets to 52.2 trillion soums ($5 billion), the loan portfolio - up to 44.4 trillion soums ($4.2 billion), and the balance of deposits of legal entities and individuals - up to 11 trillion soums ($104 million).

In order to develop the economy, support entrepreneurship, and finance promising projects, Uzpromstroybank plans to allocate 8.3 trillion soums ($792 million) for loans for 488 projects.

In particular, 3.3 trillion soums ($315 million) will be allocated for 16 large projects, 283 projects will receive 4.1 trillion soums ($392 million) within the framework of regional development programs. Also, 900 billion soums ($86 million) will be allocated for 189 projects in other directions.

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