Money is allocated to three banks as part of a trade facilitation program.
The European Bank for Reconstruction and Development (EBRD) provides Uzbekistan with new funds to support trade finance, Spot writes with reference to the company’s press service.
The organization believes that this will help domestic enterprises continue their activities, despite the outbreak of the coronavirus pandemic.
Under the EBRD’s Trade Facilitation Program, about $150 million will be allocated to Asakabank, Ipoteka-bank and Uzsanoatqurilishbank.
“These funds will be used to help Uzbek exporters and importers alleviate trade and supply chain disruptions caused by difficult market conditions,” the statement said.
Asakabank and Uzsanoatqurilishbank will receive $60 million each, Ipoteka Bank – $30 million. All three banks are long-standing EBRD customers. Together they manage more than 100 branches throughout the country and provide services to thousands of enterprises.
Banks are well placed to stimulate the foreign economic activity of domestic firms, which is now necessary to support the national economy, the organization said.
To date, the EBRD has invested 1.85 billion euros in the economy of Uzbekistan.