New scheme of microcrediting to be tested in Tashkent

Tashkent, Uzbekistan ( -- New scheme of microcreditng for small and private businesses will be tested in Uzbekistan as an experiment.

President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures on further expansion and simplification of system of microcrediting of small and private entrepreneurship”.

According to the resolution, new scheme of microcrediting of small and private businesses will be tested in Tashkent as the experiment.

The priority category of people, who will receive microloans, will be graduates of secondary special, professional and higher educational institutions, individuals, who returned from military services, unemployed citizens, who registered at the labour bodies, population, engaged in family and private entrepreneurship, etc.

The document underlined that the microcredits will be provided to create new jobs, attract population to entrepreneurship, improve level of income of low income and vulnerable layers of population.

It is expected that the commercial banks of Uzbekistan will direct 277 billion soums to providing microcredits within new schemes.

Uzbek leader approved a list of activities, to which the microcredits will be directed. The list includes 15 activities, but it can be expanded.

The sum of microcredit can make up to 200 sizes of minimal salary. The microcredits will be issued for three years with six-month grace period. The interest rates will be between 6% and 9% APR.

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