TASHKENT, Uzbekistan, April 17. The European Bank for Reconstruction and Development (EBRD) plans to strike a deal on allotting funds to Uzbekistan’s Ipak Yuli Bank under the Financial Intermediaries Framework in May this year, a source from EBRD told Trend.
As per data from the EBRD, the loan will amount to $10 million and will be provided for three years.
Furthermore, loan proceeds will be provided to local small and medium-sized enterprises (SMEs) and private entrepreneurs in accordance with the eligibility criteria defined in the SME Policy Statement.
Ipak Yuli Bank will diversify its funding base, extend the term
of its obligations, and boost SMEs' financing in Uzbekistan at a
price multiple of EBRD financing.
Meanwhile, the EBRD is lending $10 million to Ipoteka Bank,
Uzbekistan's largest private lender and managed by Hungary's OTP
Group.
The financing, made possible by the Uzbekistan Green Economy
Financing Facility II (GEFF Uzbekistan II), will enable small
enterprises and private entrepreneurs to gain access to renewable
energy and energy efficiency technologies.
Ipak Yuli Bank, founded in 1990, is Uzbekistan's universal commercial bank. The bank's well-established countrywide branch network offers a comprehensive range of banking services to small businesses and the retail sector.