Uzbekistan’s banks will gradually stop providing loans to large state-owned companies and shift their focus to private businesses, President Shavkat Mirziyoyev announced on August 20 during a meeting with entrepreneurs in Nukus.
Mirziyoyev shared statistics indicating that currently, around 30% of bank loans, approximately $7.3 billion, are directed to just ten industrial giants. By reducing lending to state-owned companies by 40% over the next two years, banks will be able to redirect roughly $2.37 billion toward the development of the private sector.
This move is expected to significantly boost private business growth in Uzbekistan by increasing access to financial resources for smaller enterprises.
