Uzpromstroybank and the IFC expand bilateral cooperation

Tashkent, Uzbekistan (UzDaily.com) -- Within the framework of the II Economic Forum of Uzbekistan on the theme "People at the Center of Economic Reforms", held in the city of Samarkand on 3-4 November 2022, a Mandate Letter was signed between Uzpromstroybank and the International Finance Corporation (IFC).

According to the document, the IFC will provide the bank with a US$50 million subordinated loan and assistance in the issuance and private placement of Eurobonds.

Thus, the corporation plans to assist in the implementation of the Bank’s planned pre-privatization measures by improving capital adequacy. In particular, measures will be supported to increase the scale of lending to small and medium-sized businesses and private entrepreneurship in strategically important areas.

Since 2018, Uzpromstroybank has been working closely with the IFC to strengthen the bank’s corporate governance, review business processes, commercialize its operations, improve its risk management system, and help the bank develop green banking.

At present, after diagnosing and building a client-centric business development model, the third stage of transformation is being carried out, where a new business model of the bank is being introduced with an update of the IT system and related infrastructure.

It should be noted that in order to implement the necessary measures to prepare Uzpromstroybank for the privatization process, in August this year, the IFC provided the bank with a credit line in the amount of US$75 million with the option of converting into equity capital.