President Shavkat Mirziyoyev has directed the placement of $500 mn eurobonds in 2024. This move is a testament to Uzbekistan’s pursuit of financial robustness, with an ambitious projection of a 20% growth surge by the year’s end. To further support this growth, the Business Development Bank and the Entrepreneurship Development Company have been established, and microfinance institutions have been authorized to offer basic banking services.
The volume of financial services provided is expected to increase by 30% next year, reaching up to UZS 140 trillion ($11.3 bn). As part of the “Family Entrepreneurship” program, entrepreneurs with a positive credit history who have started their micro-businesses will be eligible for an unsecured loan of UZS 50 mn ($4,042).
In a bid to support the self-employed, who number 2.4 mn people, it was proposed at a recent meeting to provide preferential loans with a transfer to a card, subject to the payment of an annual social tax of UZS 340,000 ($27.5). To further aid in their business expansion, the self-employed will also be offered an unsecured loan of UZS 100 mn ($8,084), with up to half of the amount payable to a bank card.
President Mirziyoyev has instructed that free land be auctioned for the establishment of private medical and educational institutions. This is in line with the country’s aim to fully utilize its potential in the IT sector, which currently contributes 3-3.5% to the country’s GDP. Plans are underway to increase the volume of IT services by 30% in 2024, to UZS 41 trillion ($3.3bn), and to double their export.
Earlier, Daryo wrote that the country has previously successfully placed eurobonds valued at $660 mn and unveiled its inaugural green sovereign eurobonds worth UZS 4.25 trillion (around $348mn) on the London Stock Exchange. These initiatives were well-received by investors, signalling strong approval for Uzbekistan’s ongoing reforms.
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