Asian Development Bank (ADB) has approved a $100 million political loan to assist Uzbekistan in carrying out reforms aimed at improving conditions for small and medium-sized businesses.

ADB credit line will finance the first subprogram of the Small and Medium-Sized Enterprise Development Program. The ADB program for the development of small and medium-sized enterprises includes two subprograms and is aimed at promoting the creation of a more efficient business environment.

The reforms under the first subprogram include the diversification of existing financial instruments to facilitate the expansion of small and medium-sized businesses with limited credit resources, including reducing the number of permits and licenses that they were required to obtain.

It is expected that reforms such as reducing the cost of trading operations and expanding digitalization will help create about 13,500 jobs.

ADB will also provide a $250,000 technical assistance grant to assist government agencies in implementing reforms, including the introduction of digital solutions in small and medium-sized businesses.

Shakhnoza Mamaturopova, UzA