Andi Aranitasi, Director and Head of Uzbekistan at the European Bank for Reconstruction and Development (EBRD), recently announced on LinkedIn the provision of fresh funds to support women-owned and managed businesses in Uzbekistan. The EBRD is offering a loan of up to $6mn to Uzbek Leasing International.
Empowering Women Entrepreneurs
This loan is part of the EBRD’s Central Asian Women in Business program, aimed at fostering women’s entrepreneurship and business activity in Uzbekistan. Supported by grant funding from the Women Entrepreneurs Finance Initiative, the program provides access to finance, expertise, and technical guidance to women entrepreneurs.
Uzbekistan is striving to increase the percentage of small and medium-sized businesses owned and operated by women from the current 25% to 40%, aligning with the country’s 2030 strategy for gender equality. The loan to Uzbek Leasing represents a significant step toward achieving this goal by creating new growth opportunities for women entrepreneurs.
EBRD's Perspective
Francis Malige, Managing Director and Head of Financial Institutions at EBRD, emphasized the importance of leasing as a financing tool for SMEs and entrepreneurs. He highlighted the EBRD's commitment to supporting alternative channels to bank finance in investment countries, alongside the development of robust and digitally empowered banking systems.
Earlier, it was reported that 2023 was a busy year for the EBRD in Uzbekistan with the launch of their Star Venture and Youth in Business programs as well as substantial funding of $760mn into the Central Asian nation. Andi Aranitasi, spoke to Daryo about the bank's ambitious initiatives and projects within the country, signifying a robust push towards sustainable and inclusive growth.
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