Tashkent, Uzbekistan (UzDaily.com) – Bank Ipak Yuli has signed a loan agreement with the Netherlands FMO Bank. The amount of the credit line is equivalent to US$5 million. This was reported by the bank’s press service.

“This agreement allows the bank the opportunity for further growth and expansion of its activities in the field of financing micro, small and medium enterprises (MSMEs) in Uzbekistan,” the Uzbek bank said.

The director of financial institutions at FMO, Mr. Weeb Jan de Ruyter, noted the following: “We are pleased to announce the conclusion of the next agreement with our old colleagues from Uzbekistan, Bank Ipak Yuli. FMO fully supports the strengthened path of the Bank’s influence on the support and development of women entrepreneurs in the private sector, young entrepreneurs, clients in the agricultural sector and microfinance.”

The funds will be used to finance projects of small enterprises, agricultural enterprises, women entrepreneurs and young entrepreneurs under the age of 35 years.

“We consider FMO as one of the reliable partners of Bank Ipak Yuli. In fact, this agreement is the third in such a short period of time that will provide an opportunity to expand credit resources for the development and support of the private sector in the country, which will allow local entrepreneurs to mitigate the effects of the COVID-19 pandemic,” Chairman of the Board of Bank Ipak Yoli Saidabror Saidakhmedov said.

Bank Ipak Yuli previously attracted similar credit lines from FMO in the amount of US$20 million in August 2019, as well as US$15 million in March 2020. Bank Ipak Yuli has been successfully and mutually beneficial cooperation with FMO since 2013.