The Asian Development Bank approved of a $154 million loan to improve horticulture in Uzbekistan.
“ADB’s support will help to expand access to long-term financing for farmers engaged in horticulture, and businesses involved in the supply chain in the field of horticulture”, Bui Minh Ghaip, senior economist for natural resources and agriculture at Regional Department for Central and West Asia of ADB said. “This will allow them to increase their investments, maintain and increase employment, and generate sustainable incomes for themselves, their employees and suppliers”.
Eight banks were selected among commercial banks, which have expressed interest in participating in the project: Asaka Bank, Davr-Bank, Hamkorbank, Ipak Yuli, Ipoteka-Bank, National Bank for Foreign Economic Activity of the Republic of Uzbekistan, Turonbank and Uzpromstroybank.
In addition to expanding access to finance, the project will provide support to sub-debtors – farmers and enterprises to improve their business planning, agronomic methods, post-harvest activities and the skills necessary to enter the market.
Since the joining of Uzbekistan to the ADB in 1995, the country received $5.1 billion in loans and $64,9 million in grants for technical assistance. (Uzreport/Business World Magazine)
