Tashkent, Uzbekistan (UzDaily.com) -- The European Bank for Reconstruction and Development (EBRD) and Uzbekistan’s second-largest lender, Uzpromstroybank (UzPSB), are providing new funds to support and strengthen local manufacturers of medical goods in order to meet growing market demand during the Covid-19 pandemic.

The EBRD will finance 50 per cent of a €7.82 million loan provided by UzPSB to local medical producer Samarkand England Eco-Medical (SEEM). This will be the first transaction under a 50:50 risk-sharing framework signed between the two banks.

SEEM, which manufactures intravenous fluids such as sodium chloride, glucose and amino acids, will use the loan to expand its production facility and to start manufacturing generic and specialised medicines in tablets and capsules.

The project is in line with the Bank’s strategy for Uzbekistan, aimed at enhancing the role of the private sector in the national economy. It will also help to reduce the reliance on foreign supplies in the country, where 75 per cent of medical goods are imported.

UzPSB operates a network of 45 branches and 170 outlets across the country.

To date, the EBRD has invested almost €2.6 billion in 101 projects in Uzbekistan.