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Finance 23/01/2012 NBU issues 602.4bn and US$63.1m to small businesses
NBU issues 602.4bn and US$63.1m to small businesses
Tashkent, Uzbekistan (UzDaily.com) -- National Bank of Uzbekistan for Foreign Economic Activity (NBU) issued loans for 602.4 billion soums and US$63.1 million to support small businesses and private entrepreneurs in 2011.

NBU said that this helped to create new 18,000 jobs. The financing of the projects of small businesses and private entrepreneurs was conducted due to own resources of the bank, off-budget funds, special funds and attracted foreign credit lines.

In 2011, the small businesses received microloans for 70 billion soums due to all sources of financing, which grew by 1.5 times year-on-year.

The bank conducts active support to businesswomen in implementation of their business plans. In line with the resolution of the Cabinet of Ministers “On measures on execution decree of the president “On additional measures on supporting activity of the Women’s Committee of Uzbekistan”, the bank allocated loans for 62 billion soums, which rose 1.5 times year-on-year.

To execute the resolution of the Uzbek President “On measures on speeding up service in Uzbekistan in 2006-2010” and resolution “On additional measures on speeding up development of services in Uzbekistan up to 2010”, the NBU issued 58.8 billion soums to small businesses due to all sources of financing, which grew 2.6 times year-on-year.

The bank also paid special attention to development of agriculture sector. In line with the presidential resolution “On measures on stimulation growth of cattle number in personnel, dehkan and farm entities”, the NBU issued loans for 8 billion soums due to all source of financing as of 1 January 2012, which grew by 1.9 billion soums or 1.3 times year-on-year.

In line with the presidential resolution “On additional measures on increasing crediting of small business and private entrepreneurs”, the bank issued loans for 6.14 billion soums due to the Fund of Preferential Crediting, which rose 4.2 times year-on-year.

National Bank allocated loans for 4 billion soums in 2011 in line with the presidential decree “On additional measures on attracting graduates of educational establishments to business activities”.

For effective use of attracted resources and creating comfortable conditions for potential debtors, the NBU financed 81 projects for US$40.4 million due to the third credit line of the Chine State Development Bank.

In line with the terms of credit agreement, signed between two banks, the loans are issued to projects directed at creating, modernizing and expanding industrial and production capacities.

Currently, the NBU started to finance seven projects for US$57.6 million due to credit line of Korea Eximbank. It is also financing projects due to credit line of Landesbank Berlin (Germany). The bank financed three projects for credit sum of US$22.8 million.

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