Monday, 29, November, 2021

The President Shavkat Mirziyoyev signed the Measures to implement the project “Financial support for small and medium-enterprises” with the participation of the German Development Bank Decree.

The Decree added Uzbekistan and Germany signed a loan and grant agreement in order to finance the project in Uzbekistan, the German Development Bank (KfW).

The total cost of the Project is estimated at EUR 29.8 million, of which the KfW loan is EUR 26.8 million; KfW grant - 3 million euros for consulting services related to the implementation of the Project;

The loan is provided at a rate of 2% per annum for a period of 30 years, including a grace period of 10 years.

The project is being implemented in the Republic of Karakalpakstan and in all provinces of Uzbekistan, the implementation period is 4 years (2021–2024).

The executive body responsible for the timely and complete implementation, coordination and management of the Project, as well as monitoring and reporting in the process of project implementation, is the Ministry of Agriculture.

Instructions were given to the Ministry of Finance to provide borrowed funds from KfW to financial organizations participating in the Project for on-lending in Uzbek soums - at a rate not lower than the Central Bank’s rate; in euros – at a rate not above by 25% of the rate of the loan.

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