The loan will be used to purchase modern technologies for further leasing to small businesses in Uzbekistan’s priority sectors, including processing of agricultural products, construction, light industry, telecommunication, etc.

Uzbek Leasing International was founded in 1996. Shareholders are EBRD (15%), MayBank (35%), the National Bank for Foreign Economic Activity of Uzbekistan (35%) and the International Financial Corporation (15%). The Uzbek company has financed over 200 projects for US$40 million since its launch.

Fernand Pillonel, head of the EBRD office in Tashkent, said this loan will benefit small and medium sized companies, which need long-term financing, in Uzbekistan through lease of equipment. He said the EBRD focuses on development of private sector in Uzbekistan and support of market reforms. EBRD official said that development of leasing industry will lead to increase of investments inflow to production sector, which will support domestic output.