TASHKENT, Uzbekistan, December 6. The Asian Development Bank (ADB) has approved a $100 million loan to support small and medium-sized enterprises (SMEs) in Uzbekistan, Trend reports.
As per ADB, the bank’s Development Program is aimed at strengthening the business environment, stimulating private sector growth and increasing the resilience of enterprises to future economic challenges.
The ADB program will support Uzbekistan in addressing key challenges faced by SMEs, in particular, access to finance and will provide financial support, simplify regulatory processes and reduce administrative barriers, which will increase trade competitiveness and improve employment opportunities, especially for women and youth.
The Bank states that this initiative is a continuation of the previous subprogram and builds on the political, regulatory and institutional reforms introduced by the Uzbek government to date.
Meanwhile, Uzbekistan accounts for 17 percent of the ADB projects in the Central and Western Asia areas, placing it second in the region based on this criterion.
As of 10 months of 2023, Uzbekistan has entered into agreements with ADB for 25 projects totaling approximately $3.5 billion.
Overall, since having become a member of the ADB in 1995, the bank has provided loans, grants and technical assistance totaling $10.8 billion to the country.
