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International Finance and Accounting

Abstract

Uzbekistan set an ambitious goal to achieve the status of an upper-middle-income country by 2030, with the focus on growing a large and solid middle-class social stratum. The current reforms in Uzbekistan largely target the development of small businesses and private entrepreneurship (SME) as SMEs have the greatest potential for becoming a real basis for forming a middle class. Therefore, business policymaking is getting more focused on supporting SMEs in tackling their key issues, especially access to funding. This paper studies the existing problems in ensuring lending instruments for SMEs and examines the effect of bank lending in SME sector growth in Uzbekistan. The OLS analysis showed that bank lending to SMEs stimulates the growth of SMEs’ share in economy to significant extent.

References

1. ADB Sector Assessment https://www.adb.org/sites/default/files/linked-documents/42007-014-ssa.pdf (accessed 26 September 2018. 2. Decree of the President of the Republic of Uzbekistan dated February 7, 2017 No. PF-4947. On the Action Strategy for the further development of the Republic of Uzbekistan // Collection of Legislation of the Republic of Uzbekistan. - Tashkent, 2017. - № 6 (766). - 32-b. 3. 2018 IFC Demand study Micro and Small Business Finance & Digital Financial services in Uzbekistan. 4. OECD (2015). New Approaches to SME and Entrepreneurship Financing: Broadening the Range of Instruments. OECD Publications. 5. www.elsevier.com Adam Smith, 1937: "An Inquiry into the Nature and Causes of the Wealth of Nations", Edwin Cannan (Ed.), The Modern Library/ Random House Inc., New York) 6. www.elsevier.com Giles “Economics of development”, New York, 1987 y. 7. Muxammad Yunus, Alan Joli. Sozdavaya mir bez bednosti: sotsialnыy biznes i buduщeye kapitalizma. Per. s angl. – M.: Alpina Pablisherz, 2010. – 307 s. Savinova D. V. O formirovanii mexanizma privlecheniya kreditnыx resursov v malыy biznes // Dengi i kredit.- Moskva, 2009. - № 5. – S. 60-61.

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