As previously reported by Spot, Shavkat Mirziyoyev is holding a meeting on the role of banks in initiatives aimed at reducing poverty.
The head of state called for measures to improve the credit history of citizens whose scores are currently rated as "average." He noted that banks should act as catalysts in this process to facilitate the allocation of loans to these individuals.
By 2025, it is proposed to attract 100,000 banking clients with an "average" rating to business, based on three-month plans aimed at enhancing their financial literacy. Their tax and utility payments will be considered in the scoring.
There are plans to designate 60 districts and cities as "unemployment-free zones," which requires the employment of 2 million people and lifting 417,000 families above the poverty line. To achieve this, measures to enhance infrastructure are necessary.
Banks have been tasked with forming working groups to attract credit resources from external sources. These groups will collaborate with foreign lending institutions, organize roadshows, issue bonds, and work on improving ratings.
The president has also set the goal of increasing the volume of loans issued to small and medium-sized businesses to 120 trillion soums, or 40% of the total portfolio. He urged to stop financing large projects at the expense of smaller ones.
There has been a noted increase in demand for microfinance and factoring services—this year, the market reached 5.5 trillion soums. Plans are in place to open relevant divisions within state banks by attracting foreign investors, aiming to expand the market volume to 10 trillion soums.
Earlier, Spot reported on plans to introduce a self-ban option for Uzbeks on the issuance of loans.