BAKU, Azerbaijan, May 7
By Ilkin Seyfaddini – Trend:
Dutchs Development Bank FMO has provided a $5-million credit line to Ipak Yuli Bank to expand financing for small and medium enterprises (MSMEs) in Uzbekistan, Trend reports with reference to the Ipak Yuli bank.
"The Dutch development bank has allocated another credit line to Ipak Yuli in Uzbek soum in the equivalent of $5 million. This agreement allows the bank to further grow and expand its activities in the field of financing micro, small and medium enterprises (MSMEs) in Uzbekistan," the message said.
The allocated FMO funds will be used to reduce inequality and finance projects on the following criteria: small enterprises, agricultural enterprises, women entrepreneurs, young entrepreneurs under the age of 35 years.
"We consider FMO as one of the reliable partners of Ipak Yuli Bank. In fact, this agreement is the third in such a short period of time, which will provide an opportunity to expand credit resources for the development and support of the private sector in the country," the bank said.
FMO (the Netherlands Development Finance Company) is the Dutch entrepreneurial development bank. Founded in 1970, FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs.
Ipak Yuli has been successfully and mutually beneficially cooperating with FMO since 2013. Ipak Yuli had previously raised similar lines of credit from FMO for $20 million in August 2019 and for $15 million in March 2020.
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