EBRD and Uzbekistan join forces to boost women's entrepreneurship and gender equality

The European Bank for Reconstruction and Development (EBRD) and Uzbekistan have taken a step toward advancing gender equality and supporting women entrepreneurs by signing a Memorandum of Understanding (MoU), Andi Aranitasi, Director, Head of Uzbekistan at European Bank for Reconstruction and Development shared. The MoU, inked by Tanzilya Narbaeva, Chairperson of the Senate of Oliy Majlis of Uzbekistan, and Odile Renaud-Basso, President of the EBRD, will pave the way for collaborative efforts to implement the Women Entrepreneurs Finance Code (WE Finance Code) in Central Asia’s most populous state.

The WE Finance Code is a global commitment by financial service providers, regulators, development banks, and other stakeholders to collectively increase financial assistance to women-led micro, small, and medium enterprises (MSMEs). This approach seeks to eliminate financial constraints and gaps for women entrepreneurs in Uzbekistan, thereby adding value to the nation's economy.

As part of the MoU, the EBRD and Uzbekistan aim to engage public and private sector partners within the country's financial sector. The focus will be on enhancing the collection, analysis, and utilization of data related to the financial inclusion of women-led enterprises. This data-driven approach is expected to address financing gaps and provide innovative solutions to mobilize capital necessary for the growth of women entrepreneurs.

The EBRD's Country Strategy for Uzbekistan underscores the bank's commitment to various operational and strategic priorities in the region. These include the enhancement of competitiveness through private sector strengthening, the promotion of green energy and resource solutions, and support for increased regional and international cooperation. The strategy also emphasizes the importance of promoting women's entrepreneurship, aligning with the goals of the WE Finance Code.

In addition to its gender-focused initiatives, the EBRD remains actively involved in Uzbekistan's development. The bank is working towards improving the investment climate by facilitating the Foreign Investors’ Council, a platform fostering dialogue between foreign investors and authorities, and supporting Uzbekistan's green transition. The latter includes contributions to a long-term decarbonization plan developed jointly by the EBRD and the Uzbek government, aiming for a carbon-neutral power sector by 2050.

Uzbekistan has consistently proven to be a key recipient of EBRD funding in Central Asia, securing over €700mn ($760mn) in 2023. This marks the fourth consecutive year that Uzbekistan has led the region in EBRD funding. The investments have played a pivotal role in steering Uzbekistan's development towards sustainability and innovation, with 27 projects strategically allocated across various sectors, including renewable energy, sustainable infrastructure, and private enterprises. Almost 70% of the projects focused on environmentally friendly, green initiatives, further emphasizing the commitment to a sustainable and inclusive future for Uzbekistan.

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