The key facts

  • The president proposed loans at 18% for refrigerators, washing machines, air conditioners and other locally made appliances
  • Calculations and proposals on cheap resources for banks must be prepared within two weeks
  • For comparison: the average rate on loans to individuals in August 2026 was 21.3%

What has been proposed

On November 9, President Shavkat Mirziyoyev, at a meeting with representatives of the electrical engineering industry, entrepreneurs and investors, proposed a new mechanism to stimulate demand for domestically produced household appliances. The meeting took place at the NURA Electric electrical products plant in the Yukorichirchik district of the Tashkent region, as reported by the press secretary of the head of state, Sherzod Asadov. Under the proposal, commercial banks will issue consumer loans at 18% per annum for the purchase of refrigerators, washing machines, air conditioners and other appliances manufactured in Uzbekistan. The stated goal is twofold: to expand families' ability to purchase modern appliances and to increase sales of local manufacturers.

What remains unknown

The program remains an announcement: the president instructed the responsible officials to carry out calculations within two weeks and submit specific proposals on placing cheap financial resources in commercial banks. Not clarified are the sources of funds for banks, maximum loan amounts and terms, requirements for borrowers, and the launch timeline. For reference: according to the Central Bank, in August 2026 the weighted average interest rate on loans to individuals in the national currency was 21.3% per annum, however this figure covers various types of loans and is not a direct analogue of the new program.

Industry context

The meeting cited data on the growth of the industry itself, which the program targets: over ten years, $2 billion in investments has been attracted to the electrical engineering industry and 413 new production facilities have been commissioned. Production volume grew from 1.7 trillion soums in 2016 to 50 trillion soums in 2026, and exports reached $1.6 billion. Over the next three years, 19 more investment projects in household appliances are planned, totaling $600 million. In addition, as reported by Spot.uz, requirements for the use of local electrical products are planned to be expanded in investment projects: the current norm for PPP projects in the energy sector — a minimum of 70% local cable products and 25% other components — will be extended to projects with tax benefits and large projects of $10 million or more with preferential financing.