Channelling new funds to Uzbekistan
We are supporting local exporters and importers with a financing package of US$ 150 million to three Uzbek banks under the EBRD’s Covid-19 Solidarity Package
Domestic businesses, including small and medium-sized enterprises (SMEs), in Central Asia’s most populated country, Uzbekistan, will be able to continue their business activities despite the outbreak of the coronavirus pandemic, thanks to a new trade finance facility provided by the EBRD to three local banks.
A package of up to US$ 150 million will be made available to Asaka Bank, Ipoteka Bank and UzPromstroybank, which will receive new limits under the TFP. The funds will be used to help Uzbek exporters and importers mitigate the disruptions that severe market conditions have caused in trade and supply chains.
Trade finance limits of US$ 60 million to Asaka Bank, US$30 million to Ipoteka Bank and US$ 60 million to UzPromstroybank will allow Uzbek businesses to better manage commodity stocks and plan for longer trade cycles.
The three financial institutions are long-term EBRD clients, which together operate over 100 branches across the country and provide services to tens of thousands of domestic businesses. They are well placed to promote foreign economic activity by local firms, which is much needed to support the national economy.
The EBRD has put together a Solidarity Package, under which it is committing all of its activity in 2020-21, worth €21 billion, to help its regions counter the economic impact of the coronavirus pandemic.
Trade finance limits of US$ 60 million to Asaka Bank, US$30 million to Ipoteka Bank and US$ 60 million to UzPromstroybank will allow Uzbek businesses to better manage commodity stocks and plan for longer trade cycles