The Asian Development Bank (ADB) and Hamkorbank have entered into a landmark agreement, signing a 625 billion Uzbek sum (approximately $50 million) loan aimed at enhancing financial access for rural micro, small, and medium-sized enterprises (MSMEs) in Uzbekistan. This initiative is a significant step towards fostering economic resilience and inclusivity in the region.
Focus on Rural and Women-led Enterprises
A substantial portion of the loan is earmarked for MSMEs located outside the capital city of Tashkent, with at least 20% directed towards women-owned or led enterprises. This focus is crucial as women-led businesses often face challenges in accessing financial resources due to a lack of basic finance and management skills.
Promoting Green Technology Investments
In alignment with global sustainability goals, at least 10% of the loan is allocated for investments in green technology. This initiative supports Uzbekistan's commitment to reducing greenhouse gas emissions and fostering a green economy.
Economic Impact and Strategic Alignment
MSMEs are a cornerstone of Uzbekistan's economy, contributing over 50% to the GDP and employing a significant portion of the workforce. Despite their importance, these enterprises often struggle with financial access. The ADB-Hamkorbank partnership aims to bridge this gap, thereby stimulating local economies and promoting long-term, inclusive growth.
ADB's Director General for Private Sector Operations, Suzanne Gaboury, emphasized the bank's commitment to inclusive economic development, stating that this partnership will empower entrepreneurs, create jobs, and contribute to the country's overall economic resilience.
Hamkorbank's Role and Commitment
Established in 1991, Hamkorbank is Uzbekistan's third-largest private bank, with a strong presence in rural areas. The bank's CEO, Bakhtiyorjon Juraev, highlighted the importance of this partnership in supporting Uzbekistan's economic reforms and development strategies.
Uzbekistan: Hamkorbank Supporting Sustainable and Inclusive Access to Finance Project
