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Uzbekistan: ADB to Allocate 154 Million Towards Development of Horticulture
Source: http://uzreport.uz
Source Date: Tuesday, November 29, 2016
Focus: Electronic and Mobile Government
Country: Uzbekistan
Created: Dec 07, 2016

The Asian Development Bank on November 28 approved $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 who 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.

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