Tashkent, Uzbekistan (UzDaily.com) -- The agreements on the allocation of the Republic of Uzbekistan by the ADB soft loan in the amount of US$500 million were signed. This decision was previously unanimously approved by the Board of Directors of the bank.

The agreements on the allocation of the Republic of Uzbekistan by the Asian Development Bank of soft loans in the amount of US$500 million to mitigate the negative impact of the coronavirus pandemic on the country's economy were signed. The decision on allocation of funds was unanimously approved by the ADB Board of Directors on 25 June 2020.

Borrowed funds in the amount US$500 million were allocated for 15 years (including a 3-year grace period) with an annual interest rate of Libor (6 months) + spread (0.5%).

These funds will be directed to replenish the Anti-Crisis Fund under the Ministry of Finance of the Republic of Uzbekistan and the state budget to finance measures to mitigate the negative impact of the coronavirus pandemic.

Prior to providing loans, ADB conducted an analysis of the macroeconomic situation in the country, including the risks of servicing public debt. According to ADB, the republic's public debt is estimated at a stable level with low risks.