On September 4, by presidential decree, Uzbekistan established the "Biznesni Rivojlantirish Banki," which replaces the former joint-stock commercial bank "Qishloq Qurilish Bank."
"We will turn the Qishloq Qurilish Bank into a business development bank" stated President Mirziyoyev.
The bank's primary mission is to finance small business projects and offer comprehensive services, as outlined in the President's 2023 dialogue with entrepreneurs.
Key initiatives of the Biznesni Rivojlantirish Banki include:
- The "Small Business Development Fund," which will fund promising small business ventures through international and private investment.
- Fourteen small business assistance centers across the Republic of Karakalpakstan, various regions, and the city of Tashkent, responsible for assisting in the development, financing, and launching of small business projects and providing consulting services.
The bank, in collaboration with authorized financial institutions, will offer loans with favorable terms for up to seven years for small business projects.
For businesses with a good credit and tax history, collateral requirements will be reduced by 50% if they seek loans for expansion and are assisted by small business assistance centers.
President Shavkat Mirziyoyev highlighted that the bank will introduce new approaches to help small entrepreneurs grow and succeed.
The Ministry of Justice of Uzbekistan announced on September 5 that tax reforms that were discussed at the August 18 meeting with the president will be implemented effective immediately.
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