IFC is providing a $10 million loan to Ipak Yuli Bank in Uzbekistan to support the bank's lending to small and medium enterprises (SMEs), including women-owned SMEs, and promote inclusive economic growth.
IFC’s financing will enable Ipak Yuli Bank, which has a strong presence and extensive experience in serving SMEs, to expand its lending portfolio and provide much-needed financing to smaller businesses. They play a crucial role in driving economic development and job creation in Uzbekistan. The funds will also specifically target women-owned SMEs to promote gender equality and women's economic empowerment.
"We are grateful for IFC's support in expanding our lending activities to SMEs and women-owned SMEs especially," said Saidabror Saydakhmedov, Chairman of the Management Board of Ipak Yuli Bank. "This loan will enable us to provide the necessary financial resources and support to these businesses, helping them grow, create jobs, and contribute to the overall development of Uzbekistan."
IFC's loan to Ipak Yuli Bank aligns with its commitment to promote sustainable and inclusive economic growth in Uzbekistan. By supporting SMEs and women entrepreneurs, IFC aims to foster entrepreneurship, enhance productivity, and reduce poverty in the country.
"Smaller businesses are the engine of economic growth, but too many—especially women-owned smaller businesses—struggle to access financing," said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. “Our investment with Ipak Yuli Bank aims to address that gap - fostering inclusive economic growth and helping to empower women entrepreneurs."
The investment represents a continuation of IFC’s relationship with Ipak Yuli Bank, which dates back to 2018. Since then, IFC has provided the bank with a $25 million in financing to support SMEs, including those owned by women and micro and smaller businesses engaged in trade.
The financing is being provided under IFC’s Base of the Pyramid Program, an extension to the Fast-Track COVID Facility launched in 2021. It helps financial services providers deliver funding to smaller, informal enterprises and low-income households to recover from the impact of the COVID-19 pandemic.