The banking system to finance businesses

This year, the commercial banks of Uzbekistan plans to allocate more than 6 trillion soums in support of businesses. In the capital, a press conference was held on the role of the banking system in the enforcement of the State Program \"Year of Well-being and Prosperity”. According to experts, today, the efficient development of small business and private entrepreneurship farming movement, employment and the growth of its revenues depend on largely on the banking system of the country, which is rightly called “lifeblood of the economy”.

The system, when small business is the engine of the economy, creating jobs for local banks entrusted with the task of creating the conditions for its effective lending and financial support. Therefore, banks are paying so much attention to the development and implementation of special programs to support small business and private entrepreneurship, especially those in the family business, finance business projects and business women graduates.

This year, commercial banks plan to provide loans to entrepreneurs worth more than 6 trillion soums, of which 1.2 trillion soums (USD/UZS-2049.18) amount to microcredit. A significant amount - 540 billion soums will support women entrepreneurs, 110.1 billion soums - for development of family businesses, arts and crafts, 53.5 billion soums - to finance business projects graduates of professional colleges. A particular attention will be paid to the agricultural sector. For subsidiary and peasant farms 106 billion soums will be allocated to increase agricultural production and cattle purchase.

Through bank loans in the amount of 47.6 billion soums thousands of acres of old orchards and vineyards will be restored, as well as new ones to be established. In addition, the establishment in each district of at least 10 poultry farms, 500 bee colonies as well as at least 30-40 fish farms in every region are planned. For these purposes, the banks will allocate 145.9 billion soums, which will provide tens of thousands of villagers to work.

The industry is not be left unattended. Textile enterprises of deep processing of raw materials and full production cycle envisaged to run in eight labor-surplus areas, and in 45 districts - compact modern factory for the production of garments. For these purposes, the commercial banks are planning to allocate 155.3 billion soums of credits. Another activity - financial support of 288 projects on reconstruction and modernization of existing enterprises, as well as the creation of new capacity for increased processing of agricultural products, the expansion of consumer food products. For these, domestic banks will allocate 47 billion soum loans.

The Program of \"Houses to Young Families”, which has proven its efficiency in the past year, will be continued. In particular, before the end of 2013, 105 multi-family homes, as well as about 10.000 homes on the model projects in rural areas will be built in the regions. For that, all the necessary accompanying transport, engineering, communication and social infrastructures will be set up. In general, this year, the banks will allocate 16 billion soums to the creation of modern facilities for the public services in the rural areas. (Source: Uzbekistan Today newspaper).