BAKU, Azerbaijan, Apr. 22
By Klavdiya Romakayeva - Trend:
Asian Development Bank (ADB) provides support to the government of Uzbekistan for the development of small and medium-sized enterprises (SMEs) by the allocation of a loan and a grant for technical assistance, Trend reports referring to the Ministry of Economic Development and Poverty Reduction of Uzbekistan.
The mentioned issue was discussed by the First Deputy Minister Ilhom Norkulov and the experts from the ADB headed by Cindy Malvicini and Head of the ADB Office in Uzbekistan during the meeting held at the Ministry of Economic Development and Poverty Reduction of Uzbekistan.
The ADB is currently supporting the government of Uzbekistan in identifying and implementing reforms aimed at improving the ecosystem of SMEs to help diversify the economy and create value-added jobs.
It was noted that these reforms are being prepared as part of the proposed Small and Medium Enterprise Development Program, which is scheduled for approval in 2021.
During the meeting, ADB representatives provided information on the preparation of the program and the allocation of a loan to implement the necessary measures. It was noted that the initiative aims to support the government's efforts to expand the private sector and an overall strategy for economic development.
According to the ADB, creating a favorable environment for the development of SMEs, turning them into a key pillar of economic diversification will lead to the creation of jobs with high added value, a reduction in the informal sector of the economy and regional imbalances in Uzbekistan.
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