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Uzbekistan to establish Development Bank

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Staff Writer | February 11, 2019
Uzbekistan central bank
Asia   Uzbekistan central bank

Uzbek President instructed the Central Bank to create a Development Bank with a capital of $500 million, Trend reports via Uzbek media.

"The bank’s activities will cover pre-export lending, post-credit services, export subsidies, and logistics. Preparation has been going on for a long time and the work is just beginning," said Central Bank Chairman Mamariso Nurmuratov at the International Press Club session.

Deputy Minister of Investment and Foreign Trade, Executive Director of the Fund for Reconstruction and Development of Uzbekistan Shukhrat Vafayev acknowledged that it is necessary to use aggressive models of financial support for exports.

"We must support exports and our support must be aggressive. We have big tasks and assignments. We are tasked with the Central Bank, the Ministry of Finance, the Ministry of Economy and Industry to develop a comprehensive export support system. Our doors are always open if the applicant has any problems," he said.

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