A new loan of up to US$ 50 million to Bank Asaka, may be disbursed in three different currencies (US dollars, Euros and Uzbek soms) to cater needs of Asaka Bank.
It will stimulate the business activity of small and medium-sized domestic companies affected by the coronavirus pandemic. The EBRD funds will also contribute to further commercialization, greater efficiency and competitiveness of Asaka Bank paving the way for its eventual privatization.
J. Shamsiyev, head of financial institutions and the EBRD in Central Asia noted that the EBRD has been cooperating with Asaka Bank for several years in numerous areas, the main focus of which is financing priority areas of the economy. Asaka Bank joined the EBRD Trade Facilitation Programme in September 2019 and for such a short period was awarded the “Most Active Issuing Bank in Uzbekistan” in 2019.
Today’s deal is a continuation of productive cooperation and significant for the EBRD in Uzbekistan, and we hope that we can support entrepreneurs in such a difficult time and help mitigate the negative impact of the pandemic on the activities of enterprises in the country.
A. Mirziyayev (Managing Director of the bank – Director of the Department for Foreign Economic Activity) noted that the funds raised will help Asaka Bank provide access to bank lending in the face of reduced income as a result of the pandemic. Micro and small business is one of the most vulnerable sectors of the economy in a pandemic. With the new loan Asaka Bank will continue to more actively support local business, assist in expanding exports and entering international markets.