Improved Access to Finance to Help 7,000 Businesses in Uzbekistan Grow and Create Jobs
Uzbekistan, Dec. 15 -- The World Bank's Board of Executive Directors today approved a $100 million loan and a $5 million grant for Uzbekistan to implement the Access to Finance for Jobs and Growth Project (FINGROW). It will expand access to credit and private equity financing for capital-constrained micro, small, and medium enterprises (MSMEs).In Uzbekistan, MSMEs account for over 90 percent of businesses, 75 percent of total employment, and around 55 percent of GDP. Although MSME lending has increased in recent years, businesses continue to face challenges that limit their access to capital and constrain enterprise growth potential, contribution to the economy, and job creation.Over one-third of MSMEs lack bank accounts, and less than 30 p...
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