The Central Bank of Uzbekistan has unveiled the Women Entrepreneurs Finance Code in a landmark event aimed at enhancing financial inclusion and economic empowerment for women, on July 24.
The launch event was a collaborative effort between the Central Bank of Uzbekistan and the National Commission on Ensuring Gender Equality under the Oliy Majlis Senate of the Republic of Uzbekistan. It brought together a diverse group of stakeholders, including policymakers, representatives from the financial and business sectors, and media professionals. This gathering emphasized the collective effort to improve financial accessibility for women entrepreneurs.
The Women Entrepreneurs Finance Code focuses on several critical areas to support female entrepreneurship:
- Collecting Sex-Disaggregated Data: This will provide a clearer understanding of the financial needs and challenges faced by women entrepreneurs.
- Promoting Women's Leadership: Encouraging more women to take leadership roles within financial institutions.
- Innovative Support Measures: Introducing new and effective methods to aid women entrepreneurs.
The project, launched in collaboration with the Business Development Bank and Halq Bank, represents a significant step forward in supporting women entrepreneurs across Uzbekistan.
International experts at the event provided insights into the Women Entrepreneurs Finance Code (WE Finance Code). It was highlighted that the project was first launched in October 2023 during the annual meeting of the World Bank and the International Monetary Fund (IMF) in Morocco. Currently, the initiative is being tested in 26 countries worldwide.
The event also featured a memorandum of understanding signed between the European Bank for Reconstruction and Development (EBRD) and the National Commission on Ensuring Gender Equality in Uzbekistan. This memorandum focuses on implementing the WE Finance Code in Uzbekistan.
The Head of State's Decree, adopted on March 7, 2024, was a focal point of discussion at the meeting. The decree, on additional measures regarding supporting the establishment and development of women's entrepreneurship, outlines specific actions to bolster female entrepreneurship. This legal framework provides a solid foundation for the successful implementation of the Women Entrepreneurs Finance Code.
As Wendy Teleki, Head of Women Entrepreneurs Finance Initiative Secretariat, noted:
“The Women Entrepreneurs Finance Code promises to bring about transformational change not only in the financial sector but also in the broader socio-economic fabric of the country. The Central Bank's involvement in this endeavor reflects a deep understanding of the pivotal role women play in driving sustainable economic growth and development".
The launch event featured a series of presentations from the EBRD, Asian Development Bank (ADB), and UN Women. These presentations covered essential topics, including designing and implementing women's economic empowerment strategies and further actions for effectively rolling out the WE Finance Code. This policy dialogue served as a platform for establishing a National Coalition dedicated to the WE Finance Code's implementation.
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