The Russian GazPromBank and VneshEconomBank launched a $ 1 billion ($ 500 million each) credit line to the National Bank of Uzbekistan (NBU), a source in the NBU said.
The banks’ credit line will enable to finance projects in Uzbekistan’s textile and other sectors. "We are sending our projects to Russian banks for approval, there are no strict limitations. SMEs will receive financial help for textile and agricultural projects,"- the source said.
The accord on the credit line was reached during the visit of the Uzbek President Shavkat Mirziyoyev to Russia in April this year.
"We have not yet reviewed the basis interest rate, we are currently working on this. It is still 18% per annum. However, some socially significant projects will be financed at the Central Bank’ refinancing rate, the source added.
This year on June 28 the Central Bank decided to raise refinancing rate up to 14% per annum from 9%.