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Sunday, March 24, 2019

Uzbekistan eyes improvements for farmer banking services

The Central Bank of the Republic of Uzbekistan held a press conference on Wednesday on the "Status and prospects of bank credit and leasing services for farmers."

The government sees the development of farms as a major part of Uzbekistan's development and will build on the experiences of developed countries, the bank said.

In particular, commercial banks are simplifying the paperwork required to extend credit, especially long term loans, to customers. They are also establishing reception areas to provide customers with information and expert advice. Additionally, mini-banks will be set up in rural areas to facilitate farmers living far from any city.

Banks are also issuing loans for things such as livestock development, fisheries, fruit and vegetable processing, beekeeping, and greenhouse construction.

In addition, banks are offering new leasing services through which they will buy land and lease it to farmers for a certain fee and period of time.

The press conference was also attended by representatives of the Ministry of Agriculture and Water Management, the Board of Farmers of Uzbekistan, and leasing companies.