The Japan International Cooperation Agency (JICA) will allocate credit resources for the development of the leather industry in Uzbekistan, Uzcharmsanoat reported.

The republic’s delegation arrived on a working visit to Tokyo last week. The head of the association, Fakhriddin Boboyev, took part in a meeting with JICA Vice-President Sachiko Imoto, dedicated to financing the project “Livestock Development in Uzbekistan”.

As the Japanese side reported, $200 million will be allocated as part of the project. The funds will be used to provide preferential loans to entrepreneurs in the fields of livestock farming, poultry farming, and fisheries.

As part of the funding package, $40 million will be allocated to the leather industry. This includes both leather processing and production of finished products.

It is expected that credit resources will make it possible to implement a number of new investment projects and increase production volumes of leather goods. In turn, this will create an opportunity to increase exports with high added value.

Prior to this, Boboyev held a separate meeting with the leadership of JICA. It discussed issues of financing projects in the leather and footwear industry within the framework of the mini-grant program.

The agency expressed its readiness to finance short-term advanced training courses for employees of industry enterprises in Uzbekistan. Grants are planned to be allocated for the purchase of equipment for certain amounts for small businesses.