The National Bank for Foreign Economic Activity of Uzbekistan (NBU) recently opened credit lines totaling USD 100 million with the European Bank for Reconstruction and Development (EBRD), a UK-based development finance institution. USD 70 million of the total is earmarked to on-lend to micro-, small and medium-sized enterprises, with the remainder allocated to trade finance and enhancing NBU’s correspondent banking services.
NBU was established by the government of Uzbekistan in 1991. It has 93 branches and total assets of UZS 20 trillion (USD 2.5 billion) as of 2016.
Founded in 1991 with a focus on “the promotion of private and entrepreneurial initiative,” EBRD invested EUR 9.4 billion (USD 10.1 billion) in companies in 35 countries during 2016.
Sources and additional resources:
EBRD press release:
http://www.ebrd.com/news/2017/ebrd-provides-us-100-million-to-uzbekistans-leading-bank-nbu.html
EBRD home page:
http://www.ebrd.com/
NBU:
http://www.nbu.com/
MicroCapital on EBRD’s work in Armenia:
https://www.microcapital.org/microcapital-brief-ebrd-loans-local-currency-totalling-10m-araratbank-armenia-targeting-women-owned-rural-smes/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
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