Symbiotics provides a loan for US$12m to Ipak Yuli Bank

Tashkent, Uzbekistan (UzDaily.com) -- The Swiss investment company Symbiotics signed a loan agreement with Ipak Yuli Bank on the allocation of a credit line for about US$12 million in national currency equivalent.

The funds are disbursed through the Luxembourg-based MSME Bonds S.A. by Symbiotics.

A notable aspect of these funds is the attraction of resources from Symbiotics by issuing special bonds denominated in national currency on the Luxembourg Stock Exchange, which will increase the interest of foreign investors and funds in the Uzbek market.

The agreement was concluded with the aim of expanding the possibilities of providing financing in national currency from Ipak Yuli Bank to small and medium-sized businesses by integrating international financial mechanisms, including those provided by Symbiotics, which contribute to the development of the modern economy of Uzbekistan.

Mutual cooperation with the investment company Symbiotics Bank Ipak Yuli begins in 2019, where credit lines were provided for a total of US$20 million.