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IFAD to issue US$22m loan to Uzbekistan

4 December 2013

International Fund for Agricultural Development (IFAD) will allocate a loan for US$22 million to development of fruit and vegetables sector in 2014, RIA Novosti reported quoting source in the Ministry of Agriculture and Water Management of Uzbekistan.

The Fund and the Government of Uzbekistan signed a memorandum and the terms of allocation of loan in the beginning of 2014 is considered now, the source said.

The IFAD loan will be refinanced through the Uzbek banks and issued to farms for developing fruits and vegetables production in Surkhandarya region.

Uzbekistan joined the IFAD in April 2010. The IFAD is part of the UN and issues financial resources for developing countries on preferential terms to develop agriculture production. The fund issued interest-free loans up to 50 years.