Committee on budget and economic reforms of Legislative Chamber of Oliy Majlis organized the seminar in cooperation with the Central Bank of Uzbekistan, UNDP Project “Support on developing microfinance sector”, GTZ project “Assisting development of microfinancing in Central Asia”, and IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project (ACAFI).

The seminar was organized in order to improve existing legislation base on microfinancing and exchange of credit information, create favourable conditions for developing microfinance sector.

The participants analyzed execution of the state programme on developing microfinance in order to determine priority directions of mid-term strategy for developing microfinancing.

International experts presented international experience for regulating and supervision of microfinance sector, experience of foreign states in developing guarantee funds, exchange of credit information, etc.

It was noted that microfinance organizations pay attention to allocation credits to small businesses and help to solve social issues through creation of new jobs and improvement of population well-being. The Government of Uzbekistan plans to increase share of small businesses of GDP up to 52.5% and share of service industry in GDP up to 49% in 2010.

It is planned that small businesses are planning to allocate loans for US$1.8 billion and increase microloans volume by 1.3 times, which will requires participation of all banks and microfinancing institutions.

As of 1 January 2009, currently 78 credit organizations and 26 micro credit organizations were operating in Uzbekistan. As of 1 January 2010, their number reached 103 and 32 respectively. In 2009, the credit unions allocated loans for 184.1 billion soums and microcredit organizations for 5.9 billion soums, which is up 1.8 and 1.9 times respectively.