$300 million credit will be allocated to banks—the decision of the President

The decision of the president of the Republic of Uzbekistan «On measures on further expansion of mechanisms for financing business projects in regions» has been adopted.

According to the decision, the banks will be allocated a credit line in the equivalent of 300 million dollars to finance the activities of small business'. In this way:
- the credit line will be provided to commercial banks for a period of 7 years, including a 3-year grace period at a 10% annual rate in local currency;
- banks provide credits for up to 5 years at a rate of 14% per annum for the implementation of projects in the field of credit production and services including funds up to 5 billion soms with a grace period of up to 2 years;
- Credits will be allocated taking into account the period of activity of entrepreneurs as follows:
up to 1 billion soms for 6 months, up to 2 billion soms for 6 months to 1 year, up to 3 billion soms for 1 year to 2 years, up to 4 billion soms for 2 years to 3 years and up to 5 billion soms for more than 3 years.

³ At least 70% of the credit lines will be allocated to entrepreneurs operating outside Nukus, district administrative centers and cities under the jurisdiction of the region.