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Uzbek banks to issue preferential microcredits to craftsmen

21 November 2017 12:41 (UTC+04:00)
Uzbek banks to issue preferential microcredits to craftsmen

By Trend

Craftsmen, who are members of the association "Hunarmand" will be able to count on preferential microcredits, reads the presidential decree "On measures for the further development of craftsmanship and the all-round support of craftsmen."

To provide preferential microcredits for expanding employment in the crafts, the Microcreditbank will receive 50 billion soums from the state budget at a rate of 2% per annum, the document says.

Overall, the Fund for Reconstruction and Development of the Republic of Uzbekistan will open credit lines for joint-stock commercial banks "Microcreditbank", "Halk Bank" and "Agrobank" for a total of $50 million for a period of 5 years, with grace period of 2 years, at a rate of 2.5% per annum.

The amount of preferential microcredit for up to 2 years for craftsmen will not exceed 300 times the minimum wage. This period includes a six-month grace period.

The interest rate on preferential microcredit granted for the purchase of equipment and spare parts for own production needs will be 50 percent of the refinancing rate of the Central Bank of Uzbekistan.

The price for renting of state property by craftsmen is set at 50% of the established minimum rental rate.

In 2018-2019 in 23 cities and districts of the republic will be established centers for the development of handicrafts.

The Council of Ministers of the Republic of Karakalpakstan, governors of the regions and the city of Tashkent were instructed, within two months, to take measures to allocate craftsmen engaged in wood carving the necessary land areas for planting and growing trees as raw materials for their activities.

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