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Finance
13/08/2010
NBU starts to finance small business projects due to Chinese loan
NBU starts to finance small business projects due to Chinese loan
Tashkent, Uzbekistan (UzDaily.com) --
National Bank for Foreign Economic Activity of Uzbekistan (NBU) started to credit projects on small businesses and private entrepreneurship in hard currency with attraction of credit line of the China Development Bank.
Total sum of credit line is US$75 million. NBU and China Development Bank signed a credit agreement in June 2010.
Within the programme, NBU will finance import contracts at the volume from US$100,000. At the same time, the share of Chinese should be at least 50%.
The loans issued for eight years, including three-year grace period. The interest rate is set at LIBOR plus 3.5% APR (without margin of commercial bank of Uzbekistan). The commission for organization makes up 0.3% APR from credit sum.
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