TASHKENT, Uzbekistan, October 25. Moody’s Investors Service has confirmed the credit rating of Uzbekistan’s National Bank to Ba3 with a stable outlook, Trend reports.
As per Moody's analytical report, the creditworthiness of National Bank JSC will be at a stable level in the next 12 to 18 months. The key factors that influenced the rating agency's decision to maintain the rating of National Bank were as follows:
- high capital adequacy indicators, which guarantee the reliability of the bank's financial positioning;
- growth of the bank's net income following the results of the 2022 fiscal year, including due to foreign exchange transactions and reduction of credit costs;
- active support from the state;
The rating agency also praised the bank's environmental, social, and managerial relevance indicators (ESG: Environmental, Social, and Governance Relevance Score) at a level of 3, confirming the positive dynamics in the bank's lending to projects that contribute to the development of a green economy, the reduction of carbon emissions, and the development of environmentally friendly energy sources.
This signal also indicates that ESG issues are credit-neutral or have a low credit impact on the bank, either due to their nature or the way the bank manages them.
Meanwhile, the National Bank of Uzbekistan and the Czech EGAP Export loan Agency signed a cooperation agreement to get a 30-million-euro loan line from a third party.
The primary benefit of this credit arrangement between the banks is the ability to finance small and medium-sized company projects on favorable conditions under the Czech Guarantee and Insurance Corporation (EGAP).
This will allow small and medium-sized businesses to launch new projects and expand their current business activities, as a result of which new jobs will be created in all regions of the country.
