To bolster micro, small, and medium-sized enterprises (MSMEs) and empower young entrepreneurs in Uzbekistan, the European Bank for Reconstruction and Development (EBRD) has announced a substantial financial package of up to $20mn (€18.8mn) for Ipak Yuli Bank, a major private lender in the country.
The financial support comprises a $10mn loan under the EBRD's Youth in Business (YiB) program, aimed at fostering youth entrepreneurship and employment in Central Asia, and an additional $10mn earmarked specifically for supporting small businesses within Uzbekistan. This marks Ipak Yuli Bank's entry into the YiB initiative, further expanding its scope and reach within the country's financial landscape.
Beyond mere financial infusion, eligible small firms stand to benefit from a comprehensive array of support services. These include opportunities for skill development through training programs, access to advisory services, and avenues for networking facilitated by the Bank's Advice for Small Businesses program.
Uzbekistan's position as the primary recipient of EBRD funding in Central Asia for the fourth consecutive year underscores the significance of this latest financial injection. With an extensive track record of investments totaling approximately €4.44bn across 154 projects in the country, the EBRD has consistently prioritized initiatives aimed at fostering private entrepreneurship and driving economic growth in Uzbekistan.
Earlier EBRD also unveiled a financial commitment aimed at enhancing critical transportation infrastructure in Uzbekistan. With a pledge of $238mn, the EBRD intends to support the improvement and enlargement of a key transportation artery within the nation.
This sovereign loan will enable the restoration and expansion of approximately 81 kilometers of the 4R156 road, alongside the erection of a bridge spanning the Amu Darya River in Uzbekistan's Khorezm region in the west. The 4R156 road plays a pivotal role as it links Urgench, the regional administrative hub, with the A380 road leading to Kazakhstan, thereby constituting a crucial segment of the Central Asia Regional Economic Cooperation Corridor 2.
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