Small and medium-sized businesses of Uzbekistan will significantly benefit from the loan of US$3 million extended by the European Bank for Reconstruction and Development (EBRD) to Uzbek Leasing Company for the period of five years.
The signing of the credit contract confirming the parties” intention was held on 25 December in Tashkent. The document was signed by the Director General of the Uzbek Leasing International A.O. Zafar Mustafaev and the Head of the EBRD Uzbekistan Regional Office Fernand Pillonel, reported Uzreport.
The funds received from the European crediting institution will be directed into purchasing of modern technological equipment for further leasing to small businesses in the priority sectors of the economy, such as processing of agricultural products, construction, light industry, telecommunication, etc.
This loan will also allow the leasing company to implement its potential for economic growth to a fuller scale, thanks to access to the long-term source of financing.
Uzbek Leasing Company was founded in 1996 and the share of EBRD in the project makes up 15%. Other founders of the company are MayBank (35%) the National Bank of Uzbekistan for Foreign Economic Activity (35%) and the International Financial Corporation (15%).
