BAKU, Azerbaijan, June 3
By Klavdiya Romakayeva - Trend:
The OPEC Fund for International Development (OPEC Fund) and Ipoteka Bank JSCIB signed a loan agreement in the amount of $30 million for the development of the private sector, Trend reports with reference to the press service of Ipoteka Bank JSCIB.
According to the information, the loan will be used to on-lend to small and medium-sized enterprises (SMEs) in Uzbekistan and to support the bank's pre-privatization efforts to move towards a more commercially viable and competitive business model.
The OPEC Fund loan will assist Ipoteka Bank in financing small and medium-sized businesses in sectors such as agriculture, healthcare, construction and the textile industry, in particular for cotton processing, as the main export product of Uzbekistan.
"The signed agreement between Ipoteka Bank and the OPEC Fund will significantly expand the opportunities for supporting small and medium-sized businesses in our country, which is an important factor in economic growth and the creation of new jobs," Chairman of the Board of Ipoteka Bank Elyor Inomzhonov said.
OPEC Fund General Director Abdulhamid Alkhalifa noted that making up nearly 80 percent of the country's workforce, SMEs are especially critical to address the economic impact of the COVID-19 pandemic.
"We are delighted to work with Ipoteka Bank to support micro, small and medium enterprises in Uzbekistan. Our cooperation will also help improve the efficiency and competitiveness of the bank and further expand lending to small and medium-sized businesses," he said.
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