Azernews.Az

By Kamila Aliyeva

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) unanimously approved financing for the first two projects implemented in Uzbekistan.

In particular, the granting of a credit line for the Uzbek National Bank for foreign economic activity in the amount of $100 million was approved.

Of these funds, $70 million will be used to finance final borrowers of small and medium-sized businesses while the remaining $30 million - to support trade finance.

The purpose of this loan is to improve the possibility of medium-term financing of representatives of small and medium-sized businesses, including in the regions of the country.

In addition, a $10 million credit line has been approved for Agromir Juice JV LLC, which specializes in the production of juices, juice concentrates, vegetable pastes and etc.

This loan involves the allocation of EBRD funds to the Uzbek company for the construction of a modern warehouse complex in the Samarkand region.

It will promote the introduction of a unified management system and increase the company's production efficiency.

The decision of the Board of Directors is truly a historic and unprecedented event, as the EBRD has not previously approved project financing without prior approval of the Country Program for a specific state, according to the representative of the European Bank.

It is noted that this circumstance once again indicates the high assessment of large-scale and dynamic reforms being conducted in Uzbekistan under the leadership of President Shavkat Mirziyoyev.

The signing of projects approved by the EBRD is expected to take place during the first vice-president of the European Bank Philip Bennett’s first visit to Uzbekistan in the beginning of November.

Currently the Bank together with the involved ministries and departments of Uzbekistan is in the process of development a draft of the EBRD country program for Uzbekistan, which will further expand the Bank's interaction with the Central Asian nation.

Earlier, the EBRD announced that it will open a representative office in Uzbekistan’s Tashkent.

Uzbekistan joined the EBRD in 1992. According to the EBRD, the bank invested almost 900 million euros in the country and implemented about 54 projects in energy, entrepreneurship, transportation, construction, development of mineral resources, etc.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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