Asaka Bank Extends 68.5 bln on Loans in 2007
OREANDA-NEWS. January 12, 2008. Asaka State Joint-Stock Commercial Bank positions itself as a large universal financial crediting institution with a wide range of tradition and modern banking services. One of the main areas of the bank's activity is provision of financial support to the population through crediting. Thus, in the first eleven months of the year 2007 the bank extended loans for the total amount of 68.5 billion soums for the development of entrepreneurship and satisfaction of the population's consumer needs, the bank's press service informed.
Pursuant to the Resolution of the Cabinet of Ministers No. 348 dated 11 August 2003, the bank cooperates with the Asian Development Bank within the framework of the "Small and Micro-financing" Project. According to the plan of this project, an agreement was signed on co-financing of small projects for the total amount of US$6.5 million. In the first eleven months of 2007, 258 projects were funded for the total sum of 4 billion soums. Of these 2.2 billion soums (US$1.8 million) were extended from the ADB's funds.
As a result of this financial support of the entrepreneurs, over 3,600 new jobs were created in the country. Also, according to its lending policy the bank paid special attention to the support of women entrepreneurs. For this purpose the bank extended almost 43 billion soums in soft loans from its own funds.
Attention was also given to the financing of farms: with the assistance of the savings fund of the Ministry of Finance different branches of the bank extended some 8.1 billion soums in soft loans for the growing of cotton, and 403.3 million soums – for the growing of grains.
Asaka State Joint-Stock Commercial Banks was founded in November 1995. Today the bank's structure includes 27 branches and 85 mini-banks.