Gov’t to allocate $100 million to support businesses affected during the pandemic

The document was adopted in accordance with the presidential decree PP-4691 of 22.04.2020 “On measures to attract foreign aid to support the population, budget, basic infrastructure and businesses during the coronavirus pandemic”.

The Board of Directors of the European Investment Bank (EIB) has approved a revolver credit line of up to $100 million with a 5-year grace period of 15 years to support businesses affected by the global coronavirus pandemic in Uzbekistan.

Credit lines are provided to the following commercial banks:

Uzsanoatqurilishbank –  $30 million;
JSCB Microcreditbank – $35 million;
JSCB Qishloq Qurilish Bank – $35 million.

For one investment project, the maximum value of loans to businesses from the EIB will not exceed the equivalent of €12.5 million, and the maximum value of the project will not exceed the equivalent of €25 million.

At least 30% of the EIB credit line provided to participating commercial banks will be used to finance women’s entrepreneurship according to EIB criteria.

Commercial banks are executive bodies responsible for the targeted and efficient use of refinanced EIB loans. Repayment of the loan, payment of interest and other expenses are made by the participating commercial banks in the amount of the refinanced loan.

The Entrepreneurship Development Agency under the Ministry of Economic Development and Poverty Reduction is the project coordinating body.

The EIB loan schedule for the project has been approved.