June 23, 2020 / 5:46 AM / 19 days ago

Uzbek banks secure pre-privatisation loans from IFC, EBRD

TASHKENT, June 23 (Reuters) - Two Uzbek banks scheduled for privatisation have secured loans from international financial institutions, the parties said this week.

Ipoteka-Bank (Mortgage Bank) received the equivalent of $35 million in Uzbek funds from the International Finance Corporation, a private-sector arm of the World Bank, the sides said in a joint statement.

Another state-owned lender, Uzpromstroybank, secured a loan of $40 million from the European Bank for Reconstruction and Development, the EBRD said.

Besides providing money for loans into the economy, both deals aim to reform the Uzbek banks to make them more attractive to private investors before the planned sales, the IFC and the EBRD said. (Reporting by Mukhammadsharif Mamatkulov; Writing by Olzhas Auyezov; Editing by Clarence Fernandez)

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