Renewable Credit Fund created at People’s Bank
Tashkent, Uzbekistan (UzDaily.com) --
People’s Bank, one of the largest commercial banks in Uzbekistan, and Germany’s Finanzgruppe signed an agreement on creation of renewable credit fund to stimulate business of women entrepreneurs.
Federal Economic Cooperation and Development Ministry of Germany allocated 75,000 euros to the Uzbek bank through Finanzgruppe. The credit line will be used to microcrediting businesswomen in Karakalpakstan.
Businesswomen can receive up to 4,000 euros in microcredits to replenish working capital. The microcredit issued for three years under 16% APR. The microcredits allocated under pledge or bail of three people with sustainable financial record.