NEWS AND EVENTS
November 13, 2014
Up the Business Ladder
The policy of creation of a favorable business environment and investment climate, perfection of the legislative and regulatory system, elimination of excessive bureaucratic and administrative procedures regarding the launch and maintenance of business is underway in Uzbekistan. This progress is reflected in the estimates of international experts.
In recent years, the government has approved a range of targeted measures on the development of small business and entrepreneurship, draw of local and foreign investment, concurrently reshaping the national banking system and strengthening the resource base of domestic financial institutions. The measures taken have contributed to a drastic improvement of quality of services rendered by banks, and in intensified loaning policy.
It is no accident that in the recently published country rating provided by the World Bank and International Finance Corporation ‘Doing Business 2015’, the Republic Uzbekistan has climbed eight positions. A remarkable growth was registered in ‘access to loan’, as evidenced by the increase by 26 positions.
The World Bank and International Finance Corporation publish their report annually. Business conditions in different countries are estimated by various criteria. According to international experts, Uzbekistan has a great potential to further raise its rating in ‘access to credit’. In this regard, the Central Bank has a considerable experience, particularly in the field of credit information exchange and transactions on security.
It is worth noting that Uzbekistan received seven points out of eight in terms of ‘credit information gap index’. Overall, the report has confirmed the fact that in a short period of time Uzbekistan shaped a favorable business environment and a stable banking system, turning its small business and entrepreneurship into a pillar of social and economic stability, an active driving force that promotes the country’s development.
(Source: «Uzbekistan Today» newspaper)