Tashkent, Uzbekistan (UzDaily.com) -- Bank Ipak Yuli and the European Bank for Reconstruction and Development (EBRD) signed a loan agreement worth US$20 million for lending to small and private businesses on 15 October.

The loan will be provided at expense of the EBRD’s own funds in the amount of US$10 million and the Netherlands Development Bank (FMO) in the amount of US$10 million. Entrepreneurs can get a loan in US dollars or in sums.

Under the agreement, Ipak Yuli Bank will receive technical assistance covering various areas of lending to small and private businesses, as well as risk management as part of the program to develop financial institutions in Uzbekistan.

The EBRD loan will allow Bank Ipak Yuli to diversify its funding base, expand its client base and offer loans with a longer maturity for the country’s enterprises.