Livestock and fishery support package unveiled

Uzbekistan is set to broaden its support for livestock and fishing initiatives, as reported by Norma.uz. Annually, one trillion soums from the Agriculture Support Fund will be deposited into commercial banks for a decade, accruing 6% interest per year.

Khalq Bank and Mikrokreditbank are authorized to access funds from the Fund for Reconstruction and Development, receiving the equivalent of $50 million in national currency. These funds will be extended over a 10-year period, inclusive of a grace period, also at a 6% annual interest rate.

The Agroplatforma information system will facilitate the submission of loan applications. Financing will be available for durations up to 10 years, featuring a four-year grace period, at an annual interest rate of 10%.

Entrepreneurs will also be able to secure loans from international financial institutions, obtained via sovereign debt for livestock development, at a 10% annual interest rate. Should a borrower default, the remaining balance will be reclassified as a commercial loan, funded by the bank's internal resources, and the original amount will be reimbursed to the fund.

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