The Cabinet of Ministers issued the Measures to implement the project "Emergency support for businesses affected by the global coronavirus pandemic in Uzbekistan resolution with the participation of the European Investment Bank".

The document was adopted in pursuance of the president’s Measures to draw external assistance funds to support the population, budget, basic infrastructure and business entities during the coronavirus pandemic Decree, Norma said.

The Board of Directors of the European Investment Bank (EIB) approved a US$ 100 million credit line to support businesses affected by the global pandemic in the amount of up to for a period of 15 years with a 5-year grace period in the form of revolving loans.

The credit line is provided to the following commercial banks:

Uzsanoatqurilishbank - US$ 30 million;

Mikrocreditbank - US$ 35 million;

Qishloq Qurilish Bank - US$ 35 million

Among the requirements for loan recipients of the funds - the maximum loan amount for each investment project is the equivalent of 12.5 million euros, the total cost of the project itself shall not exceed 25 million euros.

According to the terms of the EIB, at least 30% of the funds allocated to participating banks should be directed to finance projects of women entrepreneurs.

The commercial banks are designated by the executive authorities and are responsible for the targeted and efficient use of loans financed by the EIB. Repayment of loans, interest and other expenses will also be handled by the participating commercial banks.

The Agency for Enterprise Development under the Ministry of Economic Development and Poverty Reduction is the coordinating body for the project.

The timetable for receiving funds for the EIB project has been approved.