Uzbek Leasing International A.O. and Malaysia''s Maybank signed a credit agreement for US$2 million on November 17. The credit was issued for five years, the Uzbek company said.

Zafar Mustafaev, director-general of Uzbek Leasing International A.O., said that the credit, received from Maybank, will be used to finance leasing projects of small businesses, working in such sectors as processing of agriculture goods, construction, light industry, telecommunication and others.

Tengku Zarina Tengku Chik, general manager of Malayan Banking Berhad (London division of Maybank), said: "We are cooperating with Uzbek Leasing International A.O. for a long time and today we proved our commitment to cooperate with Uzbekistan, in particular in financing small businesses and private entrepreneurs, reported Uzreport.

Fernand Pillonel, Head of the European Bank for Reconstruction and Development (EBRD) Resident Office in Tashkent, said: "Leasing company does not receive deposits from their customers. They only finance projects and they always need external funds. It is excellent that Maybank, as one of the shareholders of Uzbek Leasing, is putting this money to finance small and medium business in Uzbekistan."

Uzbekistan created favourable legislation base for the development of leasing activity, which promotes growth of leasing companies, number of which now reached 40, he said. He added that the market is growing fast and there is healthy competition in the market, which will serve for economic development.

Uzbek Leasing International A.O. was founded on 5 January 1995 in line with the resolution of the Cabinet of Ministers of Uzbekistan. It was registered in March 1996 in the Ministry of Justice of Uzbekistan. The company provides leasing services to various sectors of Uzbekistan.

Shareholders of the company are National Bank of Uzbekistan (35%), Maybank (35%), European Bank for Reconstruction and Development (15%) and International Finance Corporation (15%). The charter capital of the bank is US$6 million.