Uzbekistan, World Bank discuss SME support and job creation
Uzbekistan hosted a high-level roundtable on May 5 focused on accelerating small and medium-sized business development and expanding sustainable job creation, bringing together around 100 representatives of international financial institutions, government agencies, commercial banks, venture funds and the private sector in Tashkent.
The event was co-chaired by Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and World Bank Vice President for Europe and Central Asia Antonella Bassani.
The discussions centered on strengthening the role of SMEs in addressing labour market pressures as Uzbekistan continues to see a growing number of people entering the workforce each year.
Participants discussed improving coordination between international financial institutions and development partners, increasing the efficiency of existing programs and mobilizing additional financing sources to support entrepreneurship, competitiveness and employment.
The main focus areas included improving the business environment, expanding access to financing, mobilizing private-sector resources and developing business infrastructure.
Officials and development partners also reviewed ways to align ongoing and planned initiatives with Uzbekistan’s national priorities, identify policy and financing gaps, and improve support mechanisms for SMEs.
World Bank Director for Central Asia Naji Benhassine delivered the keynote presentation during the event, while Deputy Minister of Economy and Finance Ilkhomjon Umrzakov moderated the session.
Representatives from major international organizations and financial institutions also participated in the discussions, including the European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB), Islamic Development Bank (IsDB), Asian Infrastructure Investment Bank (AIIB), United Nations Development Program (UNDP), Germany’s KfW Development Bank, the Japan International Cooperation Agency (JICA) and the German Agency for International Cooperation (GIZ).
Participants additionally explored joint approaches aimed at improving coordination between existing programmes, ensuring effective use of resources and preventing overlaps in SME support initiatives.
The roundtable concluded with discussions on forming initial commitments and strengthening long-term cooperation to support entrepreneurship, attract investment and expand employment opportunities across Uzbekistan.
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