BERLIN, November 6. /Dunyo IA/. More than 1,400 business entities in Uzbekistan received loans totalling approximately 50 million euros under a small and medium-sized enterprise support program implemented with the participation of the German Development Bank (“KfW”), reports Dunyo IA correspondent.

At an event dedicated to the outcomes of the project “Financial Support for Small and Medium Enterprises”, representatives of the two countries summarized the results of cooperation and discussed expanding entrepreneurs' access to financial resources, improving banking services and prospects for further interaction.

Total volume of financing from the German side amounted to 29.8 million euros, of which 26.8 million euros were provided in the form of soft loans and 3 million euros as grants.

Within the framework of the program, practical assistance was rendered to commercial banks of Uzbekistan in adapting credit mechanisms to the needs of entrepreneurs, increasing the quality of financial services and improving banking procedures.

Furthermore, training and consultations on business planning, financial management and production capacity expansion were organized for the enterprises.

Implementation of the project enabled aspiring entrepreneurs to access bank lending for the first time, while existing enterprises expanded their production and created additional jobs. Special attention was paid to supporting women's and youth entrepreneurship.

Meeting also featured discussions on the digitalization of banking services, increasing credit transparency, expanding small business access to financing and enhancing the financial literacy of entrepreneurs.

It was noted that cooperation with “KfW” contributes to the development of the private sector, increasing public employment, and improving the entrepreneurial environment in the regions of Uzbekistan, demonstrating the practical results of the Uzbek-German development partnership.