Preferential rate on microcreditsIn the Republic of Karakalpakstan, citizens are granted preferential microcredits up to one hundred times the minimum wage for a period of three years with a grace period from 3 to 6 months.
These loans will be allocated primarily to citizens who have expressed a desire to create decent living conditions for the population of the regions, engage in certain types of entrepreneurial activities.
According to the established procedure, microcredits will be issued by banks to recipients up to one hundred times the minimum wage with an annual interest rate of seven percent, however a special privilege will apply to Karakalpak entrepreneurs. They will be able to get a loan with a four-percent annual rate.
The President of the Republic of Uzbekistan Shavkat Mirziyoyev during the visit to the Republic of Karakalpakstan on December 15-16, 2017, gave instructions to the Central Bank together with commercial banks on increasing the volume of concessional lending for entrepreneurship development by at least 1,5 times.