In the 2024 financial year, the IFC invested over $1 billion in projects across Central Asia.

In the 2024 financial year, the International Finance Corporation (IFC), a leading global development institution focused on the private sector in developing countries, invested over $1 billion in Central Asia. This period spans from July 1, 2023, to June 30, 2024.

https://uzdaily.uz/ru/v-2024-finansovom-godu-ifc-investirovala-bolee-1-mlrd-v-proekty-v-tsentralnoi-azii/2024-11-01 08:47:58

The IFC's priority areas in the region continue to be finance, capital markets, renewable energy, agriculture, and infrastructure. In the last financial year, supported projects resulted in the creation of approximately 35,000 jobs, with over 13,000 of those positions filled by women.

One of the key priorities of the corporation is the development of local financial markets. Specifically, the IFC invested $228 million in 10 financial organizations in Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, directing a significant portion of the funds to support women entrepreneurs and agriculture.

The IFC also facilitated the strengthening of local financial institutions in micro, small, and medium enterprises (MSMEs), the development of climate financing, and the digitalization of the financial sector. A notable achievement was the IFC's participation in the issuance of the first sustainable, social, and green bonds in the region.

Together with the World Bank, the IFC actively supports Uzbekistan's transition to a "green" economy. One such project is the financing of a solar power plant in the Bukhara region, equipped with the country's first energy storage system, which will provide clean electricity to around 75,000 households. In Tajikistan, the IFC contributed to the development of green financing by investing in the issuance of the first "green" bonds by OJSC "Bank Eskhata," aimed at supporting environmentally friendly projects and small and medium enterprises.

In Kazakhstan and Kyrgyzstan, the IFC, in addition to facilitating access to financial services, is exploring new investment opportunities and providing technical assistance. Focus areas include public-private partnership projects in sectors such as providing clean drinking water, developing renewable energy, including the use of geothermal sources for heating and cooling, modernizing railway infrastructure as part of the Middle Corridor, and issuing the first municipal "green" bonds. The IFC also supports Kazakhstan's efforts to meet commitments under the Global Methane Reduction Initiative.

Vibke Schlemmer, the IFC Director for Turkey and Central Asia, noted that these projects reflect the corporation's commitment to the development of Central Asia. "Over the past 20 years, the region has made significant progress, demonstrating an average annual growth rate of 6.2%. To sustain the growth of Central Asia, it is crucial to accelerate the transition to a ‘green’ economy, which will attract private investments, strengthen infrastructure, and reduce dependence on raw material exports. The IFC is focused on supporting these goals and will continue to offer solutions where they are most needed — from expanding access to financing for farmers and women entrepreneurs to supporting the region's transition to carbon neutrality," she emphasized.