The financial services sector in Uzbekistan is poised for a robust 20% growth this year, as per the announcement from the President's press service.
To further support economic development, recent initiatives include the establishment of a Business Development Bank dedicated to assisting small businesses and the creation of an Entrepreneurship Development Company aimed at supporting medium-sized enterprises.
Additionally, microfinance banks that offer essential banking services are set to launch for the first time. These banks will have the authority to accept deposits from the public, facilitate payments, and attract loan funds in foreign currency.
Considering these advancements, there is a concerted effort to escalate financial services by an ambitious 30% next year, with the goal of reaching a substantial volume of UZS 140 trillion ($11.2bn). To achieve this, a directive has been issued to initiate the placement of a $500mn "eurobond" in the international capital markets in the upcoming year.
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