President Shavkat Mirziyoyev on Nov. 9 proposed a mechanism under which commercial banks would offer consumer loans at 18% annual interest to buy household appliances made in the country, presidential press secretary Sherzod Asadov said.
Mirziyoyev made the proposal at a meeting with representatives of the electrical engineering industry, entrepreneurs and investors. The loans would cover refrigerators, washing machines, air conditioners and other appliances.
The meeting noted that the mechanism should expand families’ ability to buy modern appliances while increasing sales for local manufacturers. The president told officials to carry out the necessary calculations within two weeks and submit specific proposals on placing low-cost funding with commercial banks.
Several key details have not been made public, including the source of the banks’ funds, maximum loan amounts and terms, borrower requirements and the launch date.
By comparison, the Central Bank said the weighted average rate on national-currency loans to individuals was 21.3% in August 2026. That figure covers various loan types and is not a direct equivalent of the proposed programme.
The meeting also heard that the electrical engineering industry has attracted $2 billion in investment over the past decade and commissioned 413 new production facilities. Output reached 50 trillion soums in 2026, up from 1.7 trillion soums in 2016, and exports totalled $1.6 billion.
Another 19 investment projects worth $600 million are planned in household appliances over the next three years.
