The State Competition Committee received the World Bank mission in Uzbekistan to discuss small business support through the Small Business Development Guarantee Fund.
Held under the World Bank’s Modern Economy-backed Job Expansion and Skill Development Project, the meeting reviewed small businesses’ efficiency and praised the setting up of the Guarantee Fund. Specialists said they were interested in cooperating with the fund.
The sides discussed the World Bank’s credit lines as a way to boost the fund’s potential. They considered appointing the World Bank the fund shareholder to prop investment potential and introduce new methods of corporate governance.
The Guarantee Fund was set up under the Presidential Resolution on February 10. Its 100 billion soum authorized capital has been divided up between 22 shareholders.
The fund is tasked with: supporting small businesses in obtaining credits for technological upgrades and others; consulting small businesses on terms and conditions of bank credits; supporting small businesses in establishing high-tech assembly lines; monitoring and controlling how small businesses repay their debts and pay off the fund’s securities; attracting international finance companies, funds, and banks to contributing to the fund’s resources. (UzReport/Business World Magazine)
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