Uzbekistan, Tashkent, Oct. 31 / Trend D.Azizov /
The ADB Board of Directors has approved its entry into the authorized capital of the Ipak Yuli open joint stock commercial bank, the ADB mission in Tashkent reported Trend on Wednesday.
The ADB invests up to six million dollars to the authorized capital of Ipak Yuli bank, purchasing part of additional emission in the amount of about 15 per cent of the total registered authorized capital.
The agency's interlocutor noted that the entry to the authorized capital of Ipak Yuli as a shareholder will be the first ADB investment to shares of Uzbek banks.
It is expected that the ADB investments will contribute to the development of the bank's lending operations in the field of small business. The ADB will assist the bank in strengthening its activities in the fields of internal control, corporate governance, risk management, credit risk management.
The Ipak Yuli non-state commercial bank was established in 1990.
In 2011, the bank's assets, calculated by the International Financial Reporting Standards (IFRS) to 638.846 billion sums rose or by 22.3 per cent compared to the same period in 2010, credit portfolio - by 48.5 per cent to 271.407 billion sums, equity - by 33.5 percent to 56.145 billion sums. The authorized capital of the bank is currently formed in the amount of 44 billion sums.
The bank shares are owned by around of thousands of shareholders: legal entities and individuals. The major shareholder is the Uzbekinvest National Export-Import Insurance Company with about 18 per cent.
The ADB has been cooperating with the Ipak Yuli bank since 2006, giving the bank credit lines for small business development projects. In total, to date, Ipak Yuli has mastered 11.3 million ADB loan funds , directing them to crediting and micro-crediting of small and private entrepreneurship.
Uzbekistan joined ADB in 1995. Within this time, the bank approved loans to 35 joint projects in education and health care, modernization of generating capacity and energy infrastructure, rail and road infrastructure, public utilities, agriculture, finance with total project cost of over $ 8.6 billion (the share of ADB financing - more than $ 3.8 billion).
The official exchange rate on October 31 is 1956.21 sum / $ 1
