Tashkent, Uzbekistan (UzDaily.com) -- Board of Directors of the International Finance Corporation approved a credit line for US$35 million to Ipoteka Bank, which is convertible to the bank shares.

The funds of the credit line will be allocated for up to 5 years, with the direction to support small business and private entrepreneurship.

The conversion of the credit line into the bank’s shares will be carried out at the discretion of the IFC, depending on the level of transformation of the bank leading to privatization, taking into account improvements in corporate governance and operating activities.