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    Uzbekistan Economics

    Uzbekistan’s Asakabank seeks over $2bn in 2024 funding

    Uzbekistan’s Asakabank seeks over $2bn in 2024 funding

    Asakabank, one of Uzbekistan's largest banks,  aims to attract over $2bn in funding for various projects in 2024. This information was presented to President Shavkat Mirziyoyev, detailing the bank's efforts in securing investments and supporting small and medium-sized enterprises (SMEs).

    Photo: Asakabank
    Source: Google Images

    During the presentation, it was disclosed that Asakabank initiated projects worth $3bn in the pharmaceutical and automotive industries. These projects aim to enhance the country's industrial capacity and economic output.

    Asakabank plans to involve 285,000 individuals in entrepreneurial activities by backing their business ventures. This initiative aims to boost the SME sector and generate new economic opportunities.

    Uzbekistan signed an agreement with the European Bank for Reconstruction and Development (EBRD) to privatize Asakabank. The EBRD's pre-privatization support includes the transfer of expertise, technical assistance, and potential equity investment.

    Previously, Fitch Ratings provided predictions regarding the sale timelines of two major Uzbek banks, Uzpromstroybank (Uzbek Industrial and Construction Bank) and Asakabank. According to Fitch, the sales were postponed to late 2024 and late 2025, respectively, with further delays being possible.

     

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    05.06.2024, 14:00   Comments (0)   1371
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