The maximum size of a microloan in Uzbekistan will increase to 100 million soums. The relevant Resolution was signed by President Shavkat Mirziyoyev and will come into force on January 1 next year, Gazeta.uz reports.
The amendments will not be limited to the increased size of a microloan. The document also says non-bank credit institutions will operate only as limited liability companies or joint stock companies starting from 2024.
Furthermore, the amendments provide for the possibility of lending from non-residents and rendering services by microfinance institutions to legal entities for foreign currency. Such a wide range of services will give an additional incentive to develop Uzbekistan’s microfinance sector.
Another significant amendment will concern the share of ownership of the authorized capital of a non-bank credit institution. Starting from 2024, individuals and legal entities will be allowed to own up to a 20% stake of the authorized capital, which is an increase from the current 10% limit. This gives investors more opportunities and contributes to capital growth and development of non-bank credit institutions.
