Tashkent, Uzbekistan (UzDaily.com) - The Presidential resolution “On measures to support the service sector” was adopted on 16 June.

It was decided to allocate an equivalent of US$100 million for the development of the service sector. A credit line for this amount will be opened for commercial banks by the Uzbekistan Reconstruction and Development Fund for 7 years, including a 3-year grace period with an interest rate of 4 percentage points lower than the Central Bank's basic rate.

In turn, banks at the expense of these funds will credit business in the service sector, except for business entities in the field of trade and finance. Loans are issued for the creation and equipping of enterprises, especially in the field of consumer services, education, medicine, IT and other popular areas. The loan amount is up to 1 billion soums, the interest rate is equal to the basic rate of the Central Bank (at the date of publication - 15% per annum, ed.).

At least 20% of the credit line is allocated to women and young entrepreneurs. And for 67 types of activities (works, services) that the self-employed can engage in, loans are issued under the program “Every Family is an Entrepreneur”.

Monitoring, control over the targeted use and return of funds allocated by the Uzbekistan Reconstruction and Development Fund will be provided by the Central Bank in cooperation with commercial banks.