Finance

The Asian Development Bank is planning to issue about US$450 million to Uzbekistan in next three years.

The European Bank for Reconstruction and Development (EBRD) issued US$3 million to Uzbek Leasing International to support small and medium-sized businesses of Uzbekistan. The sides signed a corresponding agreement on 25 December.

A mission of the International Monetary Fund (IMF) visited Tashkent during December 8-19, 2008. The mission was headed by Ms. Sena Eken, assistant director in the Middle East and Central Asia Department of the IMF.

The Board of Executive Directors of the Islamic Development Bank (IDB) approved financing of project in Uzbekistan. The project is part of IDB’s 2009 operational plan to finance various development projects.

Islamic banks are the least affected by the current global financial crisis triggered by subprime tsunami in the United States, the CEO & general manager of Islamic Corporation for the Development of the Private Sector (ICD) said.

IFC, a member of the World Bank Group, is reinforcing its work with credit bureaus to help lenders identify and avoid client over-indebtedness. As part of its response to the global financial crisis and support of financial markets, IFC launched an initiative in 2008 to develop legislation related to sharing credit information in Azerbaijan and Central Asia.

The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) has granted observer-member status to the Asian Development Bank (ADB).

Irrigation and drainage will be upgraded and rehabilitated to improve agricultural productivity under a US$100 million loan granted to the Government of Uzbekistan by the Asian Development Bank (ADB).

Uzbekistan is famous for its ancient carpet culture. But cities like Bukhara and Samarkand are not only the stuff of legend: the production of carpets is still a vibrant part of today’s economy.

Bank Credit Standard will open UNIStream service points at its branches across the country. UNIStream money transfer system and Bank Credit Standard of Uzbekistan signed an agreement on partnership.