The European Bank for Reconstruction and Development (EBRD) says it is extending a loan of up to US$ 70 million (€60 million) to Hamkorbank, a major private lender in Uzbekistan.
Provided in the synthetic local currency, the loan will be used to support micro, small and medium-sized enterprises (MSMEs) across the country.
MSMEs create about 50 per cent of GDP and employ almost 80 per cent of the workforce in Uzbekistan. Their support is one the EBRD’s strategic priorities.
The EBRD has invested over US$6.5 billion in Uzbekistan to date through 193 projects, with the majority of those funds supporting private entrepreneurship, contributing to the country’s economic development.
