TASHKENT, November 30 (TCA) -- Uzbek joint-stock commercial Agrobank, one of the five largest banks in the country, will by the end of 2011 draw a credit line worth $15 million from the Polish Bank Gospodarstwa Krajowego (BGK, the National Economic Bank), according to the Uzbek bank.
An agreement to submit the loan to finance projects in small and private businesses has been fixed in the memorandum between the two banks signed last week during a visit of the Agrobank delegation to Poland.
According to the Uzbek bank, the signed memorandum provides an opportunity to attract $15 million through short-term lending for up to two years for the purchase of equipment and raw materials from Poland, and a long-term lending for up to ten years to finance investment projects of the Uzbek and Polish companies. The loan agreement will be signed by the end of 2011.
In March 2009, the joint-stock commercial Agrobank was reorganized by the Uzbek president’s decision from the Pakhtabank, the main activity of which was crediting the cotton industry.
Currently, the bank’s largest shareholders are Uzbekistan’s Ministry of Finance (40%) and the Reconstruction and Development Fund (19%).
The main goals of Agrobank are lending and all-inclusive banking services for farms and plants for the processing, storage, transportation and sale of cotton and grain production.
About 270,000 legal entities and more than one million individuals are customers of the bank.