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Financial support for privatized enterprises is expanding
Tashkent, Uzbekistan (UzDaily.com) --
Fund for Assistance to Privatized Enterprises under the State Committee of the Republic of Uzbekistan on Assistance to Privatized Enterprises and Competition Development is expanding a range of financial instruments used to support projects of small businesses.
To date, the Fund has entered into general agreements with Uzqurilishbank and Turon Bank on opening of credit lines totaling 20 billion soums to support investment projects implemented on the basis of inactive and underutilized previously privatized facilities.
Commercial banks provide loans to their clients, implementing projects, at a rate not exceeding the refinancing rate of the Central Bank of the Republic of Uzbekistan, for a period of up to three years.
Among the financial instruments of the Fund are also provision of commercial banks with subsidies to cover interest expenses exceeding the refinancing rate of the Central Bank of Uzbekistan when granting loans to their clients from among small business entities.
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