Tashkent, Uzbekistan (UzDaily.com) – On 17 March 2021, the European Bank for Reconstruction and Development and Uzpromstroybank signed an agreement on attracting a synthetic credit line in the amount of US$25 million.

The funds will be denominated in the national currency equivalent and will be used to finance projects and support business initiatives implemented by small and medium-sized businesses (SMEs) of the country, thereby providing access to financing and stimulating sustainable growth in the development of the SME segment, in particular infrastructure modernization business environment, especially during a pandemic caused by the spread of coronavirus infection, which will certainly mitigate the negative impact on the financial sector.

It should be noted that this agreement is a logical continuation of bilateral cooperation and is a kind of an important milestone in the context of the reforms carried out in the banking and financial sector, indicating the positive dynamics of the reforms being carried out that meet the requirements of the international financial institution.

In addition, the current document is fully consistent with the tasks set by the Roadmap, adopted by the State Program for the implementation of the Action Strategy in five priority areas of development of the Republic of Uzbekistan for 2017-2021, in terms of taking measures to attract resources in the national currency and reduce the level of dollarization loan portfolio of banks, taking into account possible internal and external risks.