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April 14, 2014

Bank Loans for Graduates

A panel discussion in Khorezm region has addressed issues relating to the support and promotion of small business and private entrepreneurship and engagement of college graduates in entrepreneurship. It was attended by specialists in banking and finance, heads of small business and private entrepreneurship entities, representatives of the Kamolot Youth Social Movement and graduates of professional colleges.

The meeting was organized by the Central Bank of the Republic of Uzbekistan and regional hokimiyat (administration). It was noted at the event that the efforts being undertaken under the leadership of President Islam Karimov to reform the banking system, boost the wellbeing of the population, development and support for small business and private entrepreneurship have been yielding remarkable effects.

A special emphasis is placed in the region on encouraging the small business and private entrepreneurship. Notably, entities of the sector received bank loans worth more than 276 billion soums in the year 2013. A total of 9.2 billion soums was earmarked for funding business projects worked out by youths.

The discussion participants stressed the necessity in further uplifting the effectiveness in allocating loans to support business projects by graduates of professional colleges, expand the scales of family entrepreneurship, private homestead and farms.

The entrepreneurs and college graduates willing to enhance or start up their own business were awarded certificates entitling them for privileged loans from commercial banks.

“I have long been interested in bee keeping. After I graduated from college, I went to the “Young Entrepreneur” consulting center under the regional council of the Kamolot movement,” says college graduate Yorkinoy Ibragimova. “There I was assisted in applying for a loan from a commercial bank. Today I have received a certificate for a soft loan worth 9 million soums in the Khorezm branch of the Qishloq Qurilish Bank. I have come to be convinced time and again that the future of the youth is under a constant attention in our country.”