Uzbekistan to allocate 146.6 billion som to finance craftsman projects

Almaty. November 21. Silkroadnews – Over 146.6 billion som will be allocated to implement 3015 projects to develop handicrafts till the end of 2019 in Uzbekistan, the Uzbek Telegraph Agency (UzTAG) reports referring to the decree by the head of the state.
“In particular, the Fund for Reconstruction and Development of Uzbekistan will open credit lines to the joint-stock commercial banks “Microcreditbank”, “Halk Bank” and “Agrobank” for a total of 550 million. The funds will be used to lend the projects through the commercial banks branches with interest rate at 50% of the Central Bank refinancing rate,” the document says.
The loan amount for one borrower will be up to 300 times the minimum wage for up to 2 years, including a six-month grace period.
Besides, due to the Public Works Foundation under the Ministry of Employment and Labor Relations, it is planned to allocate resources to the commercial microcredit bank in the amount of 50 billion som to provide preferential microcredits to grow employment in handicrafts, family entrepreneurship and homework with annual interest rate of 2%.
In general, it will create more than 9,000 new jobs, most of them in rural and remote areas.