The investment activities of banks and their contribution to ensuring employment of the population are considered

    Uzbekistan 20 May 2024 2575

    On May 20, President Shavkat Mirziyoyev got acquainted with a presentation on the participation of banks in attracting foreign investment.

    Thanks to the favorable investment environment, banks’ financial stability and activity are growing in Uzbekistan. In particular, over the past five years, banks’ capital has doubled, their loan portfolio has increased by 2.3 times, and their annual lending volume has increased by 1.8 times.

    Four banks issued Eurobonds for the first time and raised $1 billion 300 million. Last year, banks attracted $3.8 billion in foreign loans, and their large clients directly attracted $6 billion without government guarantees.

    In modern conditions, expanding these activities and implementing projects efficiently is necessary.

    In this direction, information was provided on the activities of the National Bank of Uzbekistan and the Uzbekistan Industrial and Construction Bank (SQB).

    This year, the National Bank plans to implement projects worth $6 billion.

    Thus, 526 projects worth 2.1 trillion UZS in the jewelry industry and more than 40,000 projects in the service sector will be implemented through loans worth 41.8 trillion UZS. As a result, over 2.5 million people are expected to be employed.

    SQB plans to attract $3 billion 100 million from the international financial market this year. The bank’s clients have begun implementing investment projects for $4 billion 800 million.

    Thus, the bank plans to attract $2 billion 800 million of foreign investment in 2024-2025 as part of 529 projects in the construction materials industry, which will create 25 thousand jobs.

    The National Bank promotes the employment of the unemployed population in 967, SQB – in 727 mahallas. It is also important that thanks to the deployment of work by banks at the grassroots level, business structures are emerging from the “shadow”.

    The need was noted for systemic monitoring of clients’ investment projects and promptly resolving emerging problems.

    The importance of comprehensive support for entrepreneurs at all levels – from district to Republican, and increasing their financial and innovative awareness was emphasized.