Joint-Stock Commercial Microcreditbank has been established under Decree No PF-3750 of President of Republic of Uzbekistan dated May 5, 2006 re: “Establishment of Joint-Stock Commercial Microcreditbank in order to provide for development of small businesses, private entrepreneurship and private farming, to create new individual self-employment opportunities by activating family businesses and cottage industries, especially to further enhance financing by providing access of large groups of rural population to microfinance services". The Bank has established cooperation with international financial institutions and foreign commercial banks. These include the World Bank, the Islamic Corporation for the Development of the Private Sector, the Asian Bankers Association, the International Fund for Agricultural Development, and the German Savings Banks Fund.
Bank function
Creating new jobs through the development of small business, private entrepreneurship, support for the poor, development of handicrafts and home-based work, especially in rural areas, providing microfinance services to the population.
Banking strategy
- Development of material infrastructure;
- Development of strategic cooperation;
- Improving the use of IT;
- Study and implementation of banking systems and products of developed countries.
The following shall be set up as the major functions of Microcreditbank:
- Providing target-specific preferential credits to small businesses and private entrepreneurship, especially in rural areas, for generation of initial capital for establishment of small businesses and creation of job opportunities;
- Providing wide access of entrepreneurial entities to the use of preferential credit funds for enhancing their working capital, for expanding their businesses and procurement of materials and resources for processing, for production and sale of finished goods, saturation of the domestic market with domestic-made commodities, resulting in creation of new job opportunities and growth of income of population;
- Creation of opportunities for entrepreneurial entities to purchase modern equipment and small processing lines including under micro-leasing conditions for retooling and updating the processes;
- Providing micro-credits and micro-lease services to private farms and individual peasant farms for introduction of small processing lines, purchase of livestock, poultry, seeds and transplants, for introduction of modern processes in farming, irrigation, cultivation; Providing assistance to entrepreneurs in organization of exhibitions and fairs of marketable products produced by them, advertisement, organizing other forms of sale in domestic and foreign markets.
