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Finance
05/07/2007
IDB extends US$15m loan to three Uzbek banks
The Islamic Development Bank (IDB) has extended a credit line to three commercial banks of Uzbekistan.
An agreement on the opening of credit line for the Uzbek Ipoteka Bank,UzPromStroyBank, and Asaka Bank was signed on 3 July at InterContinental Tashkent Hotel. The document was signed by the members of the delegation of the Arab Coordination Group and the Deputy Prime Minister of Uzbekistan, Minister of Finance Rustam Azimov.
A credit line of the total of approximately US$15 million is opened for the period of 10 years with a two-year preferential period. The minimum sum of financing for an individual project makes up US$50,000, and the maximum US$2 million. The financing is intended for the investment projects in small enterprise in the industrial and agricultural sectors.
Uzbekistan joined IDB in 2003. To date, IDB has granted US$115 million in loans to Uzbekistan. The IDB’s credit funds are intended for the projects in the fields of construction, transportation, energy, medicine, educational, and the financial sectorLATEST NEWS