DEVELOPMENT NEWS
Supporting small businesses in Uzbekistan
A US$30 million OPEC Fund loan will expand access to finance for local businesses
T he OPEC Fund for International Development is providing a US$30 million loan to Uzpromstroybank, Uzbekistan’s second largest bank, to support local small and medium- sized enterprises (SMEs), the key drivers of economic activity and employment in the Central Asian republic.
In Uzbekistan 90 percent of all businesses are SMEs, producing 55 percent of GDP and providing 75 percent of employment. Uzpromstroybank’s strategy aims to boost its lending to that segment from currently 4,600 SMEs to 7,500 businesses in 2023. OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “We are pleased to support SMEs in Uzbekistan and provide local businesses with increased access to finance through our partner
Uzpromstroybank. With this loan we are promoting inclusive and sustainable economic development and creating
employment opportunities.” Sakhi Saparmuhamedovich
Annaklichev, Chairman of the Management Board of Uzpromstroybank, added: “The OPEC Fund and Uzpromstroybank have been cooperating since 2020 when we closed our first financing facility for US$20 million to provide trade finance for SMEs. This new agreement will further expand the capabilities of Uzpromstroybank in providing financial services to small and medium-sized enterprises, which is an important factor in economic growth and the creation of new jobs.”
In Uzbekistan, 90% of all businesses are SMEs
PHOTO: MehmetO/ Shutterstock.com
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