The multilateral European Bank for Reconstruction and Development (EBRD) recently agreed to provide a two-year loan in local currency equivalent to USD 15 million to the Uzbekistani bank Uzpromstroybank (UzPSB) for on-lending to small and medium-sized enterprises (SMEs) in the country. Contingent on the performance of the wholesale loan, EBRD is planning to lend UzPSB a second tranche equivalent to USD 10 million.
UzPSB, also known by the name O‘zbekiston Sanoat-Qurilish Bank, which can be translated as the Uzbek Industrial and Construction Bank, was established in 1922 and since has grown to offer 152 service locations. It has assets of USD 5 billion, a loan portfolio of USD 4.4 billion and deposits of USD 700 million. Among its major shareholders are the Republic of Uzbekistan’s Ministry of Finance and the government-controlled Fund for Reconstruction and Development.
EBRD was founded in 1991 and seeks to further “market-oriented economies and the promotion of private and entrepreneurial initiative” in Eurasia and North Africa. The UK-based institution is owned by 71 countries, along with the EU and the European Investment Bank. It reported disbursing investments totaling EUR 13 billion (USD 14 billion) during 2022, resulting in total assets of EUR 30 billion (USD 32 billion) at the end of that year.
By Elva Montelongo, Research Associate
Sources and Additional Sources
EBRD project summary
https://www.ebrd.com/work-with-us/projects/psd/54446.html
UzPSB homepage
https://sqb.uz/
UzPSB financials
https://sqb.uz/uz/general-information/bank-details-uz/
EBRD history
https://www.ebrd.com/who-we-are/history-of-the-ebrd.html
EBRD financial report
https://www.ebrd.com/financial-report-2022
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