The state banks of Uzbekistan will curtail loans to large companies to focus on supporting entrepreneurship. President of Uzbekistan Shavkat Mirziyoyev made this statement during a meeting with entrepreneurs.
Mirziyoyev noted that currently about 30% of loans worth $7.3 billion are distributed among 10 large industrial enterprises.
Furthermore, state-owned companies attract resources in the financial markets on a continuous basis.
The President emphasised that 40% cut in loans to state-owned companies over the past 2 years will free up about $2.37 billion, which will be spent on promoting entrepreneurship. It is planned to expand the functionality of microfinance organisations to support small and medium-sized businesses.
