BAKU, Azerbaijan, December 23. The European Bank for Reconstruction and Development (EBRD) together with Uzbek Hamkorbank continues to support business in Uzbekistan, Trend reports via Uzbek media outlets.
As part of the risk-sharing program signed between the two banks, the EBRD will assume half of the risks on loans provided by Hamkorbank to Sifact-Biznes-Savdo LLC and Gulobod Mebel LLC.
Sifact-Biznes-Savdo LLC, which operates Credit Asia, one of the country's largest retail chains selling consumer electronics, received a loan in the amount of $1.5 million. The funds will allow the local retailer to meet working capital needs, as well as open two new stores in the Ferghana Valley.
Gulobod Mebel furniture factory, which manufactures products under the Mondelux trademark, received a loan of 1 million euros. The company will use the loan to purchase raw materials and expand production capacity. This will allow Gulobod Mebel to meet the growing demand for its products.