BAKU, Azerbaijan, Jan.7
By Natavan Rzayeva - Trend:
Uzbek Ipak Yuli Bank attracted a loan in amount of $50 million from the Netherlands' Entrepreneurial Development Bank (FMO) for the development of small and medium-sized enterprises (SME) in Uzbekistan, Trend reports citing the press service of the bank.
The bank will direct financing to develop the activities of young entrepreneurs, as well as support projects aimed at improving energy efficiency, including promoting renewable energy sources in the country.
The cooperation of Ipak Yuli Bank with FMO dates back to 2013 within the framework of a credit line of $13 million for the development of SMEs and support of private entrepreneurship in Uzbekistan. During these years, four more loan agreements were signed between the banks in a total amount of $78 million.
Previously, FMO provided a loan to Uzbekistan’s Hamkorbank for $100 million to support women's and youth entrepreneurship.
FMO is a Dutch business development bank, which supports the sustainable growth of the private sector in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.
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