German Investment Corporation DEG allocated 3 million euros to “Ipak Yuli” Bank

On December 11, 2018, the German investment corporation DEG (Deutsche Investitions und Entwicklungsgesellschaft) allocated to the joint-stock innovative commercial bank “Ipak Yuli” funds in the amount of 3 million euros under the Subordinated Loan Agreement between the parties concluded on November 26 of this year.

These funds will be used to finance small businesses and private entrepreneurship, in support of development of the private sector in Uzbekistan. The projected line of financing and subordinated loan will allow “Ipak Yuli” bank to significantly increase lending to small and private entrepreneurship, as well as projects in the field of energy efficiency in Uzbekistan.

It should be noted that the cooperation between “Ipak Yuli” bank and DEG began on July 31, 2015. In a short period of time, the relationship of the parties reached a new level.

Established in 1962, DEG is a German government financial and consulting company specializing in international development issues. The purpose of the organization is to promote the growth of developing countries by supporting their private sector.