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    ADB's business development loan will be repaid in 25 years

    Finance 10 March 2022 579

    Resolution of the President of the Republic of Uzbekistan No. 105 dated March 9, 2022 "On measures for the implementation of the project "Program for the Development of small and medium-sized enterprises" with the participation of the Asian Development Bank" was adopted.

    On December 20, 2021, ADB and Uzbekistan signed loan agreements on the provision of loans within the framework of the project "Program for the Development of Small and medium-sized Enterprises":

    • $80 million for 25 years and a five-year grace period;
    • 58 billion soums for 15 years and a three-year grace period.

    The document approved:

    • forecast schedule of repayment of the loan and interest payments allocated by the ADB within the framework of the project "Program for the development of small and medium-sized enterprises";
    • the forecast schedule of repayment of the loan, interest and other payments allocated by the ADB in national currency under the project "Program for the development of small and medium-sized enterprises".

    The resolution determines that:

    • ADB funds within the framework of the project will be used to finance the expenses of the republican budget;
    • The Ministry of Finance is the executive body responsible for coordinating and monitoring the implementation of the project, as well as for the targeted and effective use of ADB loans;
    • The repayment of the ADB loan, interest and other payments is carried out at the expense of the republican budget.

    The document was published in the National Database of Legislation and entered into force on 03/09/2022, reports "Norma".