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Monday, March 27, 2017

Central Bank of Uzbekistan to support young entrepreneurs

The Central Bank of the Republic of Uzbekistan recently held a press conference on "the measures implemented and future problems on the allocation of mortgage, consumer, education loans and supporting young entrepreneurs."

The bank is focused on supporting young people and offering practical assistance toward entrepreneurship.

The central bank currently offers mortgage loans to young families with an interest rate that does not exceed the refinancing rate of the central bank and a three year grace period. Young families also can receive loans that do not exceed the refinancing rate of the central bank with a term of three years at a rate of 200 times the minimum wage for the purchase of domestic durable goods, including furniture, appliances and other essential goods.

Funding for young entrepreneurs, artisans and farmers is carried out in accordance with the order of lending and the procedure for issuance of commercial bank loans on preferential terms for young families.

The press conference also discussed how a special fund from commercial banks allocates mainly for the financing of high-tech and innovative projects in the field of small business and private entrepreneurship, industrial micro, small businesses and farms located in remote and inaccessible areas.

Over the past few months of this year, commercial banks issued small businesses 1,215 certificates for concessional loans and allocated credit funds amounting to $1.91 billion.