Tashkent, Uzbekistan (UzDaily.com) -- The German Development Bank (KfW) will provide Uzbekistan with a loan in the amount of about 30 million euros for the implementation of a project on financial support for small and medium-sized businesses.

President of Uzbekistan Shavkat Mirziyoyev signed a resolution on cooperation in the development of small and medium-sized businesses with KfW, UzA reports.

German bank KfW will provide 29.8 million euros, of which 26.8 million euros - in the form of a loan at 2% per annum for 30 years (including 10 years of grace period).

At the same time, KfW allocates a grant to Uzbekistan in the amount of 3 million euros. The funds will be used for consultations on the project.

The project will be implemented in 2021-2024 in all regions of Uzbekistan. KfW funds are allocated to financial institutions participating in the project in soums and euros. Losses from changes in the exchange rate will be reimbursed from the state budget.

At the same time, when refinancing in soums, the Ministry of Finance allocates funds at a rate not lower than the key rate of the Central Bank of Uzbekistan. For refinancing in euros - at a rate of no more than 25% of the rate of the attracted loan, with the margin of Uzbekistan.