BAKU, Azerbaijan, Dec. 10
By Klavdiya Romakayeva - Trend:
The European Bank for Reconstruction and Development (EBRD) will develop a scenario for the transformation of Asaka JSCB and Alokabank banks in Uzbekistan, Trend reports referring to the Central Bank of Uzbekistan (CBU).
A meeting with representatives of the European Bank for Development and Reconstruction was held at the Central Bank, together with the Ministry of Finance of Uzbekistan.
The parties discussed the development of the banking sector in Uzbekistan, paying special attention to the process of transformation of commercial banks, in particular, Asaka JSCB and Aloqabank.
It was emphasized at the meeting that the EBRD supports the Central Bank's strategy based on increasing the capitalization of banks and aimed at achieving more confident growth and better quality of lending to the real sector of the economy, including also attracting new foreign investors to the capital structure of banks.
“The success of this process will enable the EBRD to develop full-scale multilateral cooperation in the banking sector of Uzbekistan,” the press service of the CBU said.
In addition, the participants expressed their hope for further close cooperation in the field of transformation and preparation for the privatization of Uzbekistan’s banks with state shares.
The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies.
Initially focused on the countries of the former Eastern Bloc it expanded to support development in more than 30 countries from Central Europe to Central Asia.
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