The role of banks in promoting investments and supporting businesses

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UZA News

President Shavkat Mirziyoyev was briefed on the efforts of Asakabank and the Business Development Bank to attract investments and assist small and medium-sized enterprises on May 29.

Uzbekistan has a thriving investment climate, with numerous economic projects currently being implemented. As a result, banks are increasingly playing a crucial role in these processes.

The presentation discussed the plans of Asakabank and the Business Development Bank for the current year, including Asakabank’s goal of raising and utilizing $2.1 billion for projects, with $3 billion already allocated for projects in the pharmaceutical and automotive industries.

Additionally, Asakabank aims to support 285,000 entrepreneurs and their business initiatives. The presentation also highlighted the Business Development Bank’s plan to raise $1.5 billion for entrepreneurial support programs and investment projects, with $225 million coming from international financial institutions. This will support the implementation of over 47,000 micro-projects by the end of the year.

The banks also plan to support the activities of 380,000 self-employed and individual entrepreneurs, as well as provide training programs for over 70,000 people. Thanks to the country’s active foreign policy, numerous agreements have been made with partner countries and international organizations. Asakabank will be involved in 87 investment projects worth $772 million, while the Business Development Bank will support 45 projects worth $485 million.

The President emphasized the importance of banks supporting their clients at every stage of project implementation, which will lead to the creation of new jobs and a reduction in poverty in local communities.

He also stressed the need for banks to transform into more than just loan providers, but also modern investment and commercial structures that offer ready-made businesses to entrepreneurs. The presentation also addressed the digitization of processes, increasing transparency, and implementing modern software solutions and innovations to support small and medium-sized businesses.

UzA

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