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Strengthening the private sector in Uzbekistan
EBRD provides Hamkor Bank with $3 million loan
Building on a successful co-operation which started in 2001, the EBRD is
providing a $3 million loan to Hamkor Bank, a private bank in Uzbekistan. In
recognition of Hamkor Bank’s successful performance and its positive track
record in MSE lending, this is the EBRD’s first loan to Hamkor Bank without a
sovereign guarantee.
Hamkor Bank has been participating in the Japan-Uzbekistan Small Business
Programme (J-USBP) since it was set up in 2001 and received two loans
totalling $5 million under the programme for on-lending to local micro and
small enterprises. The EBRD established the programme, which has been
supported by an additional $5 million technical assistance from the
Japan-Europe Co-operation Fund for training and institution building. Hamkor
Bank is also participating in the EBRD’s regional Trade Facilitation Programme
which assists local banks with the development of trade finance operations,
the provision of trade finance to customers and the structuring of
international transactions.
Established in 1991 and based in the city of Andijan in the Fergana valley in
eastern Uzbekistan, Hamkor Bank is an open joint stock company and one of the
country’s leading private banks. Since 1998 the bank has expanded into other
regions of the Fergana valley, Tashkent and further across Uzbekistan. Hamkor
Bank enjoys recognition as one of the best customer-service banks in the
country.
Chikako Kuno, EBRD Director for Group for Small Business, said the new
financing provided to Hamkor Bank will both support the bank and small
businesses in the country. Hamkor Bank’s commitment to Uzbekistan’s private
entrepreneurs fits perfectly with the EBRD´s strategy for the country.
Ikram Ibragimov, Chairman of the Board of Hamkor Bank, said the private loan
from the EBRD was an acknowledgement of the reliability and financial
soundness of the bank as well as its commitment to private entrepreneurship.
The new loan will facilitate access to finance for this vital sector of the
economy and also allow for the expansion of Hamkor Bank’s loan portfolio,
product ranges and regional network.
Through its micro and small enterprises programmes, the EBRD has supported
over one million small enterprises throughout eastern Europe, Russia, Central
Asia and the Caucasus. The EBRD currently works with over 70 commercial banks
and non-bank microfinance institutions to establish or expand specialised
micro and small business finance units and to date has lent $846 million to
facilitate close to $14 billion in loans to micro and small businesses in the
region.
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