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Uzbekistan|business|November 9, 2017 / 11:29 AM
EBRD provides $100 million to Uzbekistan’s leading bank NBU

AKIPRESS.COM - The EBRD is providing a loan of up to $100 million to Uzbekistan's largest financial institution, the National Bank for Foreign Economic Activity of Uzbekistan (NBU), the Bank said.

The financing package will consist of a $70 million credit line to support micro, small and medium-sized businesses (MSMEs) across Uzbekistan and a limit of up to $30 million under the EBRD’s Trade Facilitation Programme (TFP).

With 93 branches across Uzbekistan, NBU will be well placed to provide much-needed financial resources to smaller businesses, especially in rural areas of the country, by on-lending the EBRD funds to eligible companies that aim to grow their business.

Meanwhile, the trade finance facility will help NBU to support import and export transactions, further develop its correspondent banking services and strengthen its trade finance product range.

The TFP promotes international trade to, from, and within the Bank’s countries of operations, including Uzbekistan. Through the Programme, the EBRD provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in these countries. In 2016 alone, the Programme supported 1,359 trade finance transactions totalling €1.45 billion across the EBRD region.

Between 1992 and 2010, the EBRD invested €894 million in Uzbekistan in 54 projects and its current portfolio stands at €8 million. Entering a new stage of engagement in the country, the Bank has already identified a number of possible new projects, some of which are due to be signed by the end of 2017, with more to follow in 2018.

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