Amonatbonk (Tajikistan’s savings bank) top manager Sirojiddin Ikromi told reporters in Dushanbe on July 25 that the bank issued loans for importers of Uzbek goods in a total amount of 12.8 million U.S. dollars.
According to him, an annual interest on a loan concluded for a year is 4.5 percent and an annual interest rate on a loan concluded for three years is 5.5%.
“Under a trade finance agreement concluded with Uzbekistan’s National Bank for Foreign Economic Activity in 2018, Amonatbonk has launched a special credit lie for 33 Tajik companies in a total amount of 12.8 million U.S. dollars,” Amonatbonk top manager said.
In all, in the framework of the agreement reached by the Uzbek bank, more than 33 million U.S. dollars are supposed to be provided to Tajik importers of Uzbek goods in trade loans.
“Under the terms of the agreement, Amonatbonk acts in this process as a guarantor, i.e. it provides Tajik companies with a letter of guarantee with which they can receive goods in Uzbekistan,” said Ikromi. “Subsequently, Tajik suppliers will pay a loan in somonis to Amonatbonk in somonis, which in turn converts the funds into currency and returns them to the Uzbek bank.”
Recall, Amonatbonk and Uzbekistan’s National Bank for Foreign Economic Activity as well as Tajikistan’s Eskhata Bank and Uzbekistan’s Asaka signed cooperation agreements in March 2018.
Under these agreements, Uzbekistan extends US$100 million worth of credit to develop enterprises working in both countries. The loan is provided to Tajikistan for import of Uzbek goods.
The document provides for launching special credit lines at Amonatbonk and Eskhata Bank 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 Uzbek loans are provided for a period of one to three years. If a supplier wants to import consumer goods from Uzbekistan, the loan is provided for one year, and if a supplier wants to import equipment from Uzbekistan, the loan is provided for three years.
