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Uzbekistan to bolster leather, fur exports via preferential loans

Uzbekistan Materials 17 October 2023 12:46 (UTC +04:00)
Kamol Ismailov
Kamol Ismailov
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TASHKENT, Uzbekistan, October 17. Uzbekistan will provide preferential loans for companies exporting leather, footwear and fur, Trend reports.

Uzbekistan’s Export Support Fund will allocate the following preferential loans to manufacturers of leather, footwear and fur products, based on their export volume over the past year:

up to $1 million — with an export volume of $1 million to $2 million

up to $2 million — with an export volume of $2 million to $4 million

up to $3 million — with an export volume of over $4 million

The loans will allow the companies in the leather, shoe, and fur industries to create trading houses and stores abroad. To facilitate this, they will be able to transfer up to $50,000 a year abroad without needing to go through a separate approval process.

Moreover, there will be no fee collected for the export of semi-finished leather products of small cattle through customs until January 1, 2025.

Earlier this year, Uzbekistan’s Export Support Fund received $50 million to provide working capital to enterprises exporting fabrics, knitted fabrics and finished garments and knitted products.

The funds are provided by Uzbekistan’s Reconstruction and Development Fund on the basis of a revolving loan with an opportunity to repay until January 1 of 2026, at a rate of 4 percent per annum. The measure is aimed at fully mobilizing the existing capabilities of textile industry enterprises and further increasing their export potential.

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