Tashkent, Uzbekistan (UzDaily.com) -- The European Bank for Reconstruction and Development (EBRD) and the oldest financial institution in Uzbekistan, Hamkorbank, continue to work together to support domestic businesses. As part of the risk-sharing program signed between the two banks, the EBRD will assume half of the risks on loans provided by Hamkorbank to SIFACT-BIZNES-SAVDO LLC and GULOBOD MEBEL LLC.

SIFAT-BIZNES-SAVDO LLC, which operates Credit Asia, one of the country’s largest retail chains selling consumer electronics, received a loan in the amount of US$1.5 million. The funds will enable the domestic retailer to meet working capital needs, as well as open two new stores in the Fergana Valley. Also, Credit Asia will be able to expand and modernize its warehouse complex in Tashkent using advanced energy-saving technologies.

Samarkand furniture factory GULOBOD MEBEL, which manufactures products under the Mondelux trademark, received a loan of 1 million euros. The largest furniture manufacturer in Uzbekistan will use the loan to purchase raw materials and expand production capacity. This will allow GULOBOD MEBEL to meet the growing demand for its company products.

The project with Credit Asia is supported by a grant from the Center for Technology Transfer and Finance in the Field of Climate Change (FINTECC) with the assistance of the support of the Global Environment Facility (GEF).

To date, the EBRD has invested nearly €3.71 billion in 121 projects in Uzbekistan.