Amonatbonk (Tajikistan’s savings bank) and Uzbekistan’s National Bank for Foreign Economic Activity have reportedly reached an agreement to significantly reduce interest rate on loans provided by Uzbekistan to Tajik entrepreneurs for import of Uzbek goods.
The interest rates have dropped 3.5 points – from 8.0-9.0 percent to 4.5-5.5 percent, according to the Amonatbonk press center.
Amonatbonk and Uzbekistan’s National Bank for Foreign Economic Activity signed an agreement on trade financing in late July 2018. Under this agreement, Uzbekistan provides loans to Tajik enterprises working in both countries.
Uzbekistan is supposed to provide 33 million U.S. dollars through Amonatbonk to Tajik enterprises for import of Uzbek goods.
To-date, 10 Tajik companies have reportedly received loans through Amonatbonk in a total amount of 5.6 million U.S. dollars.
Recall, Amonatbonk, Orienbonk and Eskhata Bank singed cooperation agreements with Uzbekistan’s National Bank for Foreign Economic Activity and Asaka Bank in 2018.
Under these agreements, Uzbekistan extends US$100 million worth of loan to develop enterprises working in both countries. The loan is provided to Tajikistan for import of Uzbek goods.
The documents provide for launching special credit lines at the mentioned Tajik banks for implementation of the trade financing projects for the purpose of increasing the export of Uzbekistan’s goods and services (textiles, building materials, food products, household chemical goods, farm produce, electrical equipment, vehicles, etc.) to Tajikistan.
Low-interest loans are provided to entrepreneurs who have specific business-plans on expansion of cooperation with Uzbek state-run and private companies.
The loans are provided for the period from one to three years. Tajik enterprises wanting to deliver Uzbek goods to the country reportedly can receive up to 1 million U.S. dollars in preferential loans.
It is to be noted that Uzbekistan signed a similar agreement with Kyrgyzstan in December 2017.
