Asian Development Bank and Ipak Yuli Bank: Collaborative efforts for sustainable development in Uzbekistan.

Nearly half a million MSMEs in Uzbekistan serve as a vital engine of the economy, contributing over 50% of GDP and a significant portion of employment. However, many of these businesses face challenges in obtaining bank loans, particularly women entrepreneurs, who often lack financial and management skills.

“The ADB believes that supporting MSMEs is not only an investment in economic growth but also in the social and financial well-being of communities. Small businesses are a key driver of innovation, job creation, and economic resilience,” stated Susanna Gaburi, ADB’s Director General for Private Sector Operations. “This initiative strengthens the structure of the economy by ensuring that small businesses receive the necessary resources to foster green development and improve quality of life.”

“Ipak Yuli Bank plays a crucial role in providing financial services to the regions and sectors of Uzbekistan that lack adequate access to funding. The new loan will enable us to expand our outreach and service capabilities for MSMEs, promoting inclusive economic growth,” emphasized Saidabror Saidakhmedov, Chairman of the Board of Ipak Yuli Bank.

Ipak Yuli Bank, established in 1990, places a strong emphasis on urban MSMEs. It is the fourth largest private bank in the country, with 17 branches, 49 service centers, and multiple sales channels.

Previously, ADB has already invested in the bank's equity.

ADB aims to achieve a prosperous, inclusive, stable, and sustainable Asia and the Pacific while continuing its efforts to eradicate extreme poverty. Founded in 1966, ADB has 69 member countries, 49 of which are located in the region.