To date, the EBRD has invested over €2 billion through 92 projects in the economy of Uzbekistan.
Uzbekistan's Uzpromstroybank has raised a loan of up to $25mn from the European Bank for Reconstruction and Development (EBRD).
“The EBRD is responding to on-going challenges for Uzbekistan’s real economy caused by the coronavirus (COVID-19) pandemic by providing financing to local small and medium-sized enterprises through local banks”, the EBRD said in a statement.
The funds are set to be allocated under the bank’s Resilience Framework. They will be disbursed in local currency to protect local businesses from foreign currency exchange-related risks, the development bank said.
The loan is to support the funding base of the country’s leading financial institution, which serves more than 1mn clients and has a network of 45 branches and 170 outlets across Uzbekistan.
In 2020, the EBRD responded to the challenges posed by the pandemic in Uzbekistan by committing $521mn through 18 projects in various sectors of the national economy. Projects include support for the country’s banking sector and SMEs' access to finance, upgrading key infrastructure and promoting the development of renewable energy.
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