OREANDA-NEWS. September 24, 2010. Grand meeting dedicated to successful completion of the joint project of People's Bank and Germany's Savings Bank Foundation for International Corporation (SBFIC) was held.

The event was attended by directors and members of the supervisory board of the People's bank, guests from Germany including Holger Berndt, Chairman of Germany's Savings Bank Foundation for International Corporation (SBFIC), Friedrich Stumpff, Chairman of Halle Saving Banks and other international experts.

To be noted, the cooperation of the People's bank with SBFIC started in 2003.

The main purpose of the partnership was practical implementation of the policy of the government of Uzbekistan in institutional development of the People's bank, creation of new financial instruments and bank services for further development of small and medium business, introduction of modern policy of crediting.

The choice of SBFIC as a strategic partner was not random. SBFIC has been combining the best practice in the sphere of savings, its consultants have know-how in banking business.

The People's bank of Uzbekistan has been successfully cooperating with SBFIC for seven years. This period is marked by radical changes in the People's bank range of services and quality of financial indicators.

Main directions of the joint project are crediting of the small business, bank's staff training and technical equipment of pilot institutions of the People's Bank.

The SBFIC extended over 4 billion soums within the framework of the program of small business crediting. The funds promoted the creation of over 3,300 workplaces.

As Tohir Islamov, Deputy Chairman of the People's Bank noticed, the bank improved the system of credit risks management on the basis of the introduction of methods of analysis of financial activity of borrowers used in Germany, assessment of their paying capacity and thorough study of business-plans.

An active work to strengthen and develop the financial support of small business and private entrepreneurship was conducted. To support women- entrepreneurs of Karakalpakstan, a new renewable credit fund worth 75,000 Euro was established.

One of main directions of the project was further increase of qualification of the People's Bank staff. Thus, 150 employees of the People's Bank had an opportunity to visit saving banks of Germany, study their experience and attend seminars and courses on the management of branches, risk management.

Over 500 employees were retrained in Tashkent and regional educational centers established within the framework of the project. They also had a chance to get consulting by German experts.

Individual training of employees, seminars and meetings with clients promoted exchange of experience and skills to render services in accordance with European standards.

As participants of the grand meeting noticed, all knowledge, experience and skills will be used for further development of the People's bank, introduction of advanced financial techniques and international standards of banking.

"We are satisfied with the results of the joint project. I would like to note that the banking sector of Uzbekistan demonstrates stable and dynamic growth. For this reason we plan to continue our activity in Uzbekistan, especially in regions. Overall success achieved for seven years in Uzbekistan is a good basis for further joint cooperation. Our partnership with the People's Bank goes to a new stage", noticed Holger Berndt, Chairman of the SBFIC.

The People's Bank plans to continue cooperation with SBFIC in the future.