The Asian Development Bank (ADB) has greenlit a $300mn policy-based loan, with $100mn provided on concessional terms, to help Uzbekistan broaden financial access for underserved micro, small, and medium-sized enterprises (MSMEs)—especially those led by women, while reinforcing the nation’s microfinance sector.
The funding is part of Subprogram 2 of the Inclusive Finance Sector Development Program, which builds on reforms from Subprogram 1. These measures aim to create robust legal and institutional frameworks for inclusive finance, including raising the maximum microloan amount, revising microfinance regulations, adopting the Women Entrepreneurs Finance Code, and introducing Islamic microfinance guidelines.
“ADB is proud to support Uzbekistan’s transition to a more inclusive and market-based financial system,” said Kanokpan Lao-Araya, ADB Country Director for Uzbekistan. “This program will help unlock access to finance for the self-employed and microentrepreneurs, promote gender equality, and strengthen consumer protection in the financial sector.”
Subprogram 2 introduces new policy measures to enhance consumer protection, including guidelines for responsible lending, regulation of emerging financial services such as “buy now, pay later,” and improved digital financial supervision. It also strengthens gender-focused reforms through gender quotas for financing and mandatory reporting of sex-disaggregated data.
A review of Uzbekistan’s National Financial Inclusion Strategy (NFIS) for 2021–2023 found that 60% of adults currently have accounts with formal financial institutions, driven largely by the fast growth of digital finance.
The program further promotes the structural development of the microfinance sector by allowing the establishment of deposit-taking microfinance banks, with two preliminary licenses already granted. This approach seeks to increase financial access while ensuring stability through risk-based regulatory and supervisory measures.
Technical support will accompany Subprogram 2 to enhance institutional capacity and secure the long-term sustainability of reforms. A planned Subprogram 3 (2025–2027) is set to further bolster implementation and strengthen institutional frameworks.
This year marks 30 years of partnership between ADB and Uzbekistan. Since joining ADB in 1995, Uzbekistan has received $14.6bn in loans, grants, and technical assistance.
ADB, founded in 1966 and owned by 69 members, supports inclusive, resilient, and sustainable growth across Asia and the Pacific through strategic partnerships, innovative financing, and development solutions.
