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Tashkent, Uzbekistan, August 22, 2022—IFC is offering a financing bundle to certainly one of Uzbekistan’s main banks to spice up entry to finance for the nation’s hundreds of micro, small and medium enterprises (MSMEs) and slim the financing hole, particularly for ladies entrepreneurs.
IFC’s $20 million financing bundle to Ipoteka-Financial institution will likely be disbursed in Uzbek soums. 1 / 4 of the financing will likely be earmarked for women-owned companies as a part of IFC’s Banking on Ladies Program. As well as, the Ladies Entrepreneurs Finance Initiative (We-Fi) is offering performance-based incentives of as much as $160,000 to assist the financial institution enhance entry to finance for women-owned companies.
The brand new mortgage builds upon IFC’s unique $35 million pre-privatization transaction with the financial institution in 2020 and previous advisory engagement.
“IFC’s long-term financing and ongoing advisory companies give us the inspiration and help we have to rework right into a commercially-run establishment with improved profitability and a concentrate on SMEs, together with women-led companies. With IFC’s help, Ipoteka-Financial institution has already enhanced its SME banking functionality, which is mirrored in our SME portfolio greater than tripling over the previous couple of years,” stated Elyor Inomjonov, Chairman of Ipoteka-Financial institution’s administration board.
Smaller companies comprise near 90 % of all companies in Uzbekistan, offering practically three-quarters of all jobs and virtually 55 % of the nation’s GDP in 2021. Nonetheless, many have unmet financing wants, with the hole estimated at $10.2 billion. Ladies-owned SMEs—practically 1 / 4 of all companies—have a financing hole of round $1 billion (MSME Finance Hole Database).
The financing additionally displays IFC’s strategic purpose of supporting Uzbekistan’s privatization program and serving to drive non-public investments into the nation’s banking sector, the place the variety of state-owned banks remains to be excessive.
“Smaller companies are the engine of financial progress, however nonetheless battle to entry the help they should develop and create jobs,” stated Cassandra Colbert, IFC Senior Supervisor, Central Asia. “Our cooperation with Ipoteka-Financial institution won’t solely assist deal with that challenge but additionally assist the financial institution proceed its transfer in the direction of higher non-public possession, creating alternatives for buyers and setting an instance for different native banks.”
IFC has been working to rework Ipoteka-Financial institution since 2017 by enhancing its industrial operations, company governance, and risk-management practices, paving the way in which for this funding.
About JSCMB “Ipoteka-Financial institution”
JSCMB “Ipoteka-Financial institution” is a monetary establishment with intensive expertise within the mortgage lending housing finance and commerce finance. As well as, JSСMB “Ipoteka-Financial institution” is a big and common financial institution that gives a variety of banking companies via a well-developed community of 39 branches, as a result of which it has geographical protection all through Uzbekistan. For extra data go to www.ipotekabank.uz
www.instagram.com/ipotekabank.uz
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About IFC
IFC—a member of the World Financial institution Group—is the most important international growth establishment targeted on the non-public sector in rising markets. We work in additional than 100 nations, utilizing our capital, experience, and affect to create markets and alternatives in growing nations. In fiscal 12 months 2021, IFC dedicated a document $31.5 billion to non-public firms and monetary establishments in growing nations, leveraging the facility of the non-public sector to finish excessive poverty and enhance shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For extra data, go to www.ifc.org.
About We-Fi
The Ladies Entrepreneurs Finance Initiative (We-Fi) is a collaborative partnership among the many 14 governments which have made monetary contributions, six multilateral growth banks that function implementing companions, and different private and non-private stakeholders. We-Fi was formally established in October 2017 as a monetary middleman fund hosted by the World Financial institution. We-Fi invests in packages and initiatives that assist unlock billions of {dollars} in financing to deal with the complete vary of boundaries dealing with girls entrepreneurs—rising entry to finance, markets, expertise, and mentoring, whereas strengthening coverage, authorized, and regulatory frameworks. As one of many We-Fi implementing companions, IFC helps non-public sector shoppers with funding and advisory companies to increase monetary companies and market entry for women-owned and women-led corporations, in addition to rising the capability of ladies entrepreneurs to run high-growth companies. For extra data, go to www.we-fi.org.
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