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TASHKENT (TCA) — Small private companies in Uzbekistan will benefit from better access to finance thanks to an €18 million loan provided by the European Bank for Reconstruction and Development (EBRD) to Ipoteka Bank, the country’s fourth-largest lender by total assets, the EBRD said on December 13. Continue reading
NUR-SULTAN (TCA) — Small enterprises and women-led businesses in Kazakhstan are set to benefit from a US $40 million loan package provided by the European Bank for Reconstruction and Development (EBRD) for Bank CenterCredit (BCC), a leading local lender, the EBRD said on December 12. Continue reading
TASHKENT (TCA) — The European Bank for Reconstruction and Development (EBRD) is expanding its regional presence in Central Asia’s most populated region by opening an office in Andijan, one of the largest municipalities in east Uzbekistan, the Bank said on October 30. Located in the Fergana Valley, Andijan is one of the oldest cities in the region, where the Mughal dynasty hails from and which played an important role in the Silk Road trade. The Fergana Valley is the most densely populated part of Central Asia with almost 14 million inhabitants – almost 20 per cent of the region’s population – spread across Uzbekistan, Kyrgyzstan, and Tajikistan. The EBRD is opening an office in this region recognising the area’s significant potential. The Andijan office will mainly be supporting local small and medium-sized enterprises (SMEs) through expert advice, training and a variety of financial tools. It will be building on the success of the EBRD’s business advisory program, funded by the European Union and the EBRD Small Business Impact Fund (with contributions from Italy, Japan, South Korea, Luxembourg, Sweden, Switzerland, Taipei China and the USA), which has already delivered almost 70 advisory projects for Uzbek SMEs. Following the adoption of a new country strategy for Uzbekistan, in 2018 the EBRD signed 12 projects worth almost €400 million, a record level of business for the Bank in the country in a single year. Significant investments were made in the municipal and power infrastructure sectors, including the rehabilitation of water and wastewater infrastructure in the Fergana Valley, as well as in banking and industry. This year, the EBRD has already invested almost €250 million into the Uzbek economy. To date, the EBRD has invested €1.3 billion through 70 projects in the economy of Uzbekistan. Support of small businesses is particularly important as the country moves to reform its economy and strengthen its private sector.
NUR-SULTAN (TCA) — At a press conference on October 28, the Vice Minister of National Economy Zhaslan Madiyev spoke about the ongoing work that has improved Kazakhstan's position in the Doing Business rating, the press service of the Prime Minister of Kazakhstan reported. Continue reading
KHUJAND, Tajikistan (TCA) — The International Finance Corporation (IFC), a member of the World Bank Group, says it is providing a $2.5 million loan in local currency to LLC MDO Arvand, one of Tajikistan's leading microfinance institutions, as part of an effort to support home ownership and drive economic growth in the Central Asian country. Continue reading
BISHKEK (TCA) — The Asian Development Bank (ADB) has approved a $50 million policy-based grant for the first subprogram of the Promoting Economic Diversification Program, which supports the Government of Kyrgyzstan’s efforts to diversify the economy through reforms aimed at improving the country’s trade and investment competitiveness, small and medium-sized enterprise (SME) development, public–private partnerships, and the link between skills development and industry needs, the ADB country office in Kyrgyzstan said on September 17. “The Kyrgyz Republic has the potential to achieve economic growth that is more sustainable, broad-based, and inclusive, but this is only possible if it maintains efforts to implement critical structural reforms that will help the economy transition to a more dynamic and globally oriented market economy,” said the Director of Public Management, Financial Sector, and Trade for ADB’s Central and West Asia Department Mr. Tariq Niazi. “ADB’s assistance will help the government to gradually reduce the economy’s reliance on gold extraction and remittances and strengthen the foundation for the creation of new businesses and jobs for the people of the Kyrgyz Republic.” The Promoting Economic Diversification Program, which comprises two subprograms of $50 million each in 2019 and 2021, will support the government’s efforts to implement four high priority reform areas from the country’s National Development Strategy, 2018–2040: (1) trade and investment competitiveness reforms to develop the non-mineral sector and diversify exports and investments; (2) SME development reforms to broaden the economic base and promote entrepreneurship; (3) public–private partnership reforms to develop the country’s social and economic infrastructure; and (4) industry-linked skills development and training reforms to better equip graduates and workers to meet labor market needs. ADB has been helping the government implement its economic diversification reforms since 2007. “Despite many challenges, including macroeconomic shocks and political crises that have slowed reform implementation, ADB’s annual country performance assessments demonstrate that the Kyrgyz Republic has made solid progress in improving the quality of its policies and institutions,” said ADB Country Director for the Kyrgyz Republic Ms. Candice McDeigan. “ADB’s strong partnership with the government will help efforts to progressively tackle more complex and challenging reforms in the future.”
