BAKU, Azerbaijan, May 17. The European Bank for Reconstruction and Development (EBRD) has extended a $25 million loan to Uzbekistan's Sanoat Qurilish Bank (SQB), Trend reports via the bank.
The loan, granted in local currency equivalent, will support the SQB funding base and allow the bank to expand lending to small and medium-sized businesses in Uzbekistan in local currency, including in underserved regions, further improving access to financial services for entrepreneurs in hard-to-reach areas.
"We are delighted to continue our cooperation with our partner SQB, to support access to finance for small businesses in Uzbekistan, especially in under-served regions to promote financial inclusion. We are particularly pleased to sign this project at our Annual Meeting in Samarkand, which underscores our confidence in SQB’s strong business model, and adherence to the reform agenda in Uzbekistan’s banking sector," said Francis Malige, MD, Financial Institutions.
Sanoat Qurilish Bank (formerly known as Uzpromstroybank) JSCB is second largest bank in Uzbekistan, and an existing client of the EBRD.
The EBRD is a leading institutional investor in Uzbekistan, with more than 4 billion euros invested in 135 projects.