Tashkent, Uzbekistan (UzDaily.com) -- The European Bank for Reconstruction and Development (EBRD) approved a loan in the amount of US$4 million in soum equivalent to the microfinance organization Fortuna Business, according to the bank’s website.

According to the EBRD, these funds will be used to support individual entrepreneurs, as well as small and medium-sized businesses in the regions.

This loan is the first that the EBRD provides to the Uzbek company in the field of microfinance.

The loan term will be two and a half years. Half of the amount will become available after signing the agreement, and the remaining portion will be allocated later, according to the decision of the EBRD.

It is planned that up to 65% of the allocated funds will be used to finance individual entrepreneurs, as well as small and medium-sized enterprises outside of Tashkent. In addition, up to 35% of the loan is expected to be used to support women’s businesses.

The microfinance organization Fortuna Business began its activities in Ferghana in 2018. Today the company has 11 branches in various regions of Uzbekistan, including Ferghana, Andijan, Jizzakh, Samarkand, Bukhara and Khorezm regions.