National Bank of Uzbekistan aims to undertake projects valued at $6 bn in 2024, as it was dislcosed at the presentation for President Mirziyoyev, on the participation of banks in attracting foreign investments on May 20.
Over the past five years, the capital of banks has seen a twofold surge, with their loan portfolios expanding by 2.3 times and annual lending volume spiking by 1.8 times. Four banks ventured into the issuance of Eurobonds, collectively raising a substantial $1.3 bn. In 2023 alone, banks successfully secured $3.8 bn in foreign loans, while large clients independently attracted an impressive $6 bn, devoid of government backing.
In the current landscape, there's a pressing need to amplify these efforts and execute projects with utmost efficiency. The presentation offered insights into the initiatives spearheaded by the National Bank of Uzbekistan (NBU) and SQB in this realm.
NBU has set its sights on a grandiose plan, aiming to materialize projects valued at $6 bn this year. Among these ventures, a staggering 526 projects valued at 2.1 trillion soums ($165 mn) are slated for implementation in the jewelry industry, alongside over 40,000 projects in the service sector, buoyed by loans totaling 41.8 trillion soums ($3.3 bn). These endeavors are anticipated to create employment opportunities for over 2.5 mn individuals.
Meanwhile, SQB is poised to harness the international financial market to the tune of $3.1 bn in 2024. Already, the bank's clients have embarked on investment undertakings worth $4.8 bn, signaling a robust appetite for foreign investment.
Looking ahead, SQB eyes attracting $2.8 bn in foreign investment over the next two years, steering 529 projects in the construction materials sector, which are projected to spawn 25,000 job opportunities.
Both banks are actively engaging with communities at the grassroots level, fostering employment prospects in 967 and 727 mahallas, respectively.
Furthermore, the presentation underscored the imperative of diligent monitoring of clients' investment projects and swift resolution of any emerging challenges. It stressed the significance of providing comprehensive support to entrepreneurs across all tiers of governance, coupled with efforts to enhance their financial literacy and innovation acumen.
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