On October 15, 2023, an official ceremony was held at the Hyatt Regency Hotel in Tashkent to sign a loan agreement between the Japan International Cooperation Agency (JICA) and the joint-stock commercial bank with foreign capital “Hamkorbank.”
The agreement entails a $35mn investment in Uzbekistan's private sector, primarily aimed at fostering opportunities for micro, small, and medium-sized enterprises (SMEs) in the country.
JICA, with a representative office in Tashkent since 1999, has been actively involved in several priority projects aimed at improving Uzbekistan's economic infrastructure and facilitating its transition to a market-oriented economy.
This partnership is particularly focused on supporting the growth and sustainability of SMEs, which are pivotal in contributing to economic development and job creation. The $35mn investment is expected to benefit various sectors, including manufacturing, services, and technology, enhancing Uzbekistan's economic competitiveness.
The agreement reflects international confidence in Uzbekistan's economic potential and its recent efforts to attract foreign investments.
The loan agreement between JICA and Hamkorbank signifies a notable step in supporting Uzbekistan's private sector and SMEs, injecting significant funds into the economy, and furthering the nation's journey towards economic modernization and growth.
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