Women entrepreneurs - The Times Of Central Asia

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Finance

Kyrgyzstan Enacts Code to Boost Financing for Female Entrepreneurs

Kyrgyzstan has officially enacted the Code on Financing Women Entrepreneurs, a regulatory framework aimed at expanding women’s access to financial products from banks and microfinance institutions. The National Bank of the Kyrgyz Republic (NBKR) will oversee the implementation of the Code, which it regards as a milestone in institutional support for women’s entrepreneurship. Speaking at the launch ceremony, NBKR Chairman Melis Turgunbaev emphasized the crucial role of women in the country’s economy, particularly within the small and medium-sized business sector. “The launch of the Code, backed by the recent legislative recognition of the concept of ‘women’s entrepreneurship,’ creates a solid institutional foundation for mobilizing financial sector resources and directing them toward the development of this strategically important segment of the economy,” Turgunbaev said. The legal definition of women’s entrepreneurship was introduced into Kyrgyz legislation only last year. Lawmakers noted that female entrepreneurs often face structural challenges, such as balancing business activities with domestic responsibilities and limited access to property assets that can serve as loan collateral. According to the Ministry of Economy and Commerce, the typical Kyrgyz female entrepreneur is between 40 and 50 years old, has a secondary education, runs a small or medium-sized enterprise, often individually and began her business career before turning 30. The new Code modifies financial regulations to simplify access to credit for women. Key provisions include expanded opportunities for unsecured lending and the removal of a previous requirement for financial institutions to set aside 1% of the loan amount for potential losses when lending to women. The NBKR believes these changes will make financing for women both strategically and commercially attractive across the banking sector. “Our actions are not just advocacy, they are about building sustainable market mechanisms,” said Turgunbaev. “The National Bank is establishing economically sound conditions that incentivize the entire financial sector to support women entrepreneurs.” According to the NBKR, the Code applies specifically to enterprises in which women own at least 51% of the capital and make up at least 51% of the workforce. Financial institutions are encouraged to offer more accessible, long-term loans to qualifying women-led businesses on preferential terms. However, The Times of Central Asia has learned that the Code currently lacks a dedicated mechanism to support women facing loan repayment difficulties. Nonetheless, the regulator clarified that this does not restrict banks from granting relief measures. “The NBKR will not prevent commercial banks from offering concessions to women entrepreneurs with overdue loans under programs focused on financing women-led businesses,” a spokesperson said. The National Bank plans to coordinate the Code’s rollout and ongoing refinement, emphasizing that support for women entrepreneurs is viewed as a long-term institutional priority.

Women entrepreneurs

From Coasters to Code: Bermet Koshoeva’s Leap into Tech Entrepreneurship

Five years ago, spotting Kyrgyz tech entrepreneurs in global accelerators was almost unheard of. Even locally, tech founders were rare. Fast forward to today, and it feels like Kyrgyz innovators are making their mark, especially at Antler. Last year, the global startup accelerator welcomed several Kyrgyz founders in its Vietnam and Malaysia cohorts. Among them is Bermet Koshoeva, a marketing professional turned tech entrepreneur with her startup, Onion. An Unconventional Path Koshoeva’s path to becoming a founder is far from traditional. Her early years followed a familiar trajectory, earning a Bachelor’s degree in Business Administration from Turkey’s Fatih University and working in marketing roles. Things took a unique turn when she pursued a Master’s degree in Agriculture through the prestigious Erasmus Mundus Programme, studying in Denmark and France. The agricultural focus was symbolic, as both her father and grandfather worked in the sector. However, Koshoeva’s studies steered her in a different direction. During her Master’s thesis, Koshoeva had her first entrepreneurial experience. While exploring investment opportunities, she stumbled upon the potential for sellers on Amazon. With an initial investment of $1,000, she started selling mug coasters and managed to turn it into $2,500. “When my studies were coming to an end, I wondered what I would do next and how I would earn a living,” Koshoeva told The Times of Central Asia. “I wasn’t emotionally ready to jump into a full-time job after such an intense academic experience, so I decided to invest in something.” Her Amazon success, combined with her professional marketing background, established Koshoeva as a local marketing expert. She shared her expertise as both a professional consultant and an educator, teaching marketing at the American University of Central Asia and serving as the Head of Creative Business at Compass College, the first art and design college in Central Asia. Onion’s Mission Koshoeva founded Onion in October 2024, originally envisioning it as a platform for collecting and analyzing qualitative research data, such as interviews and surveys. This aligned closely with her marketing background. However, a pivotal experience at Antler Malaysia in April 2025 led her to refine Onion’s focus. During the accelerator program, she pivoted to addressing AI-powered search optimization. The new direction positions Onion in a rapidly evolving space as search trends shift away from traditional Google results to AI-driven tools like ChatGPT and Perplexity. These emerging tools are still refining their contextual accuracy, but they represent the future. Onion helps brands become visible in these AI-powered searches, ensuring they appear when it matters most. Challenges and Vision Although Antler Malaysia eventually decided not to invest in Onion, Koshoeva is determined to push forward. Her analytical skills, honed over years of market research, are guiding her through this emerging niche. “In recent years, I’ve conducted extensive market analyses across various industries, including IT and SaaS,” Koshoeva told TCA. “Through research, I’ve identified a promising niche that’s only beginning to take shape. While not everyone sees its potential yet — even Antler wasn’t ready to invest — I’m...

Business

Women’s Leadership Takes Center Stage at Tashkent Law Spring

A standout panel session on women’s leadership took place during the IV International Legal Forum “Tashkent Law Spring” on May 30 at the InterContinental Tashkent Hotel. Hosted by ACWA Power, a major investor in Uzbekistan’s energy sector with $15 billion in local projects, the session explored practical approaches to empowering women in traditionally male-dominated industries, including law, energy, and public service. A Platform for Legal Reform and Gender Dialogue Now in its fourth year, Tashkent Law Spring has become a key event for legal professionals across Central Asia. The 2025 forum drew over 200 participants, including lawyers, judges, academics, and policy experts, with a focus on strengthening Uzbekistan’s legal landscape. Among the many sessions, the ACWA Power panel on women’s leadership stood out for its cross-sector insights and actionable recommendations. Saudi Vision 2030: Progress in Workforce Gender Inclusion Hager Altwegieri, Board Secretary at ACWA Power and an expert in governance and sustainability, shared Saudi Arabia’s progress under Vision 2030. “In 2016, women’s workforce participation stood at 22.8%. Today, it is at 36%,” she said. “We surpassed our original 30% target and are now aiming for 40% by 2030.” Altwegieri emphasized the importance of setting measurable goals and ensuring institutional accountability. She cited a government-backed childcare support program as an example of how targeted policies can reduce barriers for working mothers. Mentorship and Infrastructure as Enablers Altwegieri also highlighted the value of mentorship and career readiness support for women entering the workforce. “Women often need help with CV writing and interview preparation,” she said. “Mentorship plays a crucial role in this journey.” She underscored the importance of respecting cultural traditions, quoting an Arabic proverb: “A mother is a school. If you prepare her well, you prepare a nation for prosperity.” Digital Safety: A New Front in Gender Equality Kamola Alieva, PhD in Law and a gender equality expert at Tashkent State University of Law, addressed the risks posed by digital tools in professional environments. “Digitalization is changing how we work, but it also exposes women to new forms of harassment,” she warned. Inappropriate messages, digital exclusion, and misuse of personal data are increasingly common threats, especially in male-dominated workplaces. Alieva called for legal frameworks that define digital misconduct and protect employee data with gender-sensitive safeguards. The Investment Case for Inclusion Anar Nurbayeva, Gender Advisor and Principal at the European Bank for Reconstruction and Development (EBRD), discussed the bank’s inclusive investment strategies. “Gender and economic inclusion is one of our top three priorities,” she said, noting EBRD’s collaboration with ACWA Power and Schrodinger College to promote renewable energy careers among women. “It’s about both fair HR policies and building future-ready skills,” she added. Challenges in Intellectual Property for Women Entrepreneurs Madina Tursunova, Chair of the Association of Patent Representatives of Uzbekistan, outlined the hurdles women face in protecting intellectual property (IP). “IP enforcement is costly and complex,” she said, noting a societal bias that discourages women from innovating. Tursunova advocated for more training in business skills, arguing that support must go beyond...

Women entrepreneurs

An Uzbek Woman Suffers Terribly, Then Starts Over

The lakes, mountains and brisk air of Uzbekistan’s Bustanlik district lie just a few dozen kilometers from the urban sprawl of Tashkent, and tourists as well as conference delegates retreat there for a break or to learn and exchange ideas. Sometimes, people attending a hotel conference barely get outside to absorb the beauty of the surrounding national parks. That’s what happened to me, a reporter for The Times of Central Asia. But then, I found some inspiration within the hotel’s bland walls. I was attending a training course on data journalism for a few days in Bustanlik. During dinner, hotel employees mentioned that Dilorom Yuldasheva, an Uzbek woman internationally acclaimed for her resolve and accomplishment after a catastrophic injury, was also staying there after appearing at an event in Tashkent. Soon after, around 50-60 people in the hotel restaurant applauded as a bouquet was handed to Yuldasheva. It seemed that the hotel administration had arranged the small celebration because most guests weren’t aware that she was there. I approached her table, introducing myself and asking if she’d be willing to talk. She smiled and agreed. Yuldasheva wore light makeup and spoke softly. At the start of our conversation, I mentioned that I already knew her from media coverage. Then I asked if she could share something she had never told anyone before. “There’s nothing left untold,” she said. “But if you’d like, I can tell you the same stories again, just for you.” ----- The BBC released a list of 100 influential and inspiring women for 2024, highlighting women who “have had to dig deep and find new levels of resilience” while facing violence and humanitarian crises in Gaza, Lebanon, Ukraine and Sudan, as well as polarization surrounding a record number of international elections, and the growing challenges of climate change. On the list are stranded astronaut Sunita Williams, rape survivor Gisèle Pelicot, actress Sharon Stone, Olympic athletes Rebeca Andrade and Allyson Felix, singer Raye, Nobel Peace Prize laureate Nadia Murad, visual artist Tracey Emin, climate campaigner Adenike Oladosu and writer Cristina Rivera Garza. Also on that list is Yuldasheva, a 41-year-old seamstress and entrepreneur from Denov, in Uzbekistan’s Surkhandarya region. The village where she lives is mainly engaged in livestock raising, crop farming, and gardening. In 2021, while helping with the grain harvest, she lost both her legs in an accident. That day, she had been wearing a long robe to protect herself from the sun, a common style of dress among rural women, many of whom consider it shameful for them to wear trousers. As she worked near a combine harvester, the fabric got caught in the machine’s moving parts, pulling her in. She struggled frantically, and in vain, to escape. “I didn’t even have time to scream, and when I opened my eyes, I was sitting on the combine harvester, but this didn’t last long. The combine harvester blade spun and threw me several meters away,” she said. In August 2022, Yuldasheva was fitted with prosthetic legs...

Women entrepreneurs

Kyrgyzstan Invests Over $356 Million in Women’s Entrepreneurship

The development of women’s entrepreneurship in Kyrgyzstan has received significant financial backing, with more than $356 million directed to supporting women-led businesses since the establishment of the OJSC (Guarantee Fund). According to the OJSC, in the first ten months of 2024 alone, 1,088 guarantees were issued to women, accounting for 40% of the total guarantees provided by the Fund during this period. To date, the Fund has issued 4,071 guarantees totaling 3.166 billion soms ($356 million), empowering women across all regions of Kyrgyzstan to launch and expand businesses in various sectors. Women’s entrepreneurship is becoming an increasingly vital component of Kyrgyzstan’s economy. According to the United Nations Development Programme (UNDP), women currently lead 29% of the country’s small and medium-sized enterprises. Bishkek recently hosted Expo 2024 “Women’s Entrepreneurship,” which showcased the accomplishments of women entrepreneurs while highlighting their growing role in driving innovation and economic growth. Furthermore, the Women’s Entrepreneurship 2024 program reported that 48% of all loans issued this year were granted to women, reflecting the expanding support for women-led businesses across the country. This upward trend highlights the growing recognition of women entrepreneurs as key players in Kyrgyzstan’s innovation ecosystem and economic development.

Society

BBC Women of the Year List Includes Two Nominees From Central Asia

The BBC has unveiled its annual list of the world’s most inspiring women. The introduction to the list says that the “BBC 100 Women Project highlights women who have shown remarkable determination to drive change in a year marked by global upheaval.” Alongside figures such as Nobel laureate Nadia Murad, actress Sharon Stone, Olympians Rebeca Andrade and Allyson Felix, singer Ray, artist Tracey Emin, climate activist Adenike Oladosu, and writer Cristina Rivera Garza, the list of nominees includes two women from Central Asia. They are: Dilorom Yuldasheva (Uzbekistan) [caption id="attachment_26251" align="aligncenter" width="300"] @BBC| Dilorom Yuldosheva, Uzbekistan[/caption] A seamstress and entrepreneur, two years ago Dilorom Yuldasheva lost both legs in an accident. Undeterred, she pursued her dream of empowering young women in Uzbekistan to earn livelihoods and develop new skills. Yuldasheva established a tailoring business after studying entrepreneurship and resource management. In a short time, she trained over 40 students, offering free classes as her business grew. She secured contracts to produce clothing for workers and schoolchildren, creating income opportunities for herself and dozens of other women. Zhanylsynzat Turganbayeva (Kyrgyzstan) [caption id="attachment_26252" align="aligncenter" width="300"] @BBC| Zhanylsynzat Turganbaeva, Kyrgyzstan[/caption] Zhanylsynzat Turganbayeva is devoted to preserving and restoring Kyrgyz cultural heritage. She runs an ethnology museum in Bishkek, showcasing unique national artifacts. Her charitable efforts focus on safeguarding Kyrgyz literature, including the epic Manas. This UNESCO-recognized work spans approximately 500,000 lines—20 times the length of Homer’s Odyssey—and recounts the story of a hero who unites 40 Kyrgyz tribes. Turganbayeva creates resources and opportunities for “manaschi,” the traditional performers of the epic. These women exemplify courage and perseverance, inspiring others to bring positive change to their communities.