BAKU, Azerbaijan, Dec. 10
By Klavdiya Romakayeva - Trend:
International Finance Corporation (IFC) has allocated funds separately for women entrepreneurs as part of a financing package to Davr-Bank in Uzbekistan for the first time, Trend reports referring to the press service of IFC.
IFC is helping Davr-Bank in Uzbekistan expand its financing for micro, small, and medium-sized enterprises (MSMEs) and women-owned businesses across Uzbekistan.
According to the corporation, IFC’s $5 million investment will provide critical working capital to help women entrepreneurs continue their operations and stay afloat during the ongoing public health crisis.
It was noted that women-owned MSMEs represent around 23 percent of all businesses in Uzbekistan and face an estimated financing gap of $2.7 billion.
“We are committed to catering to the financing needs of small businesses and women-owned small and medium enterprises,” Chairman of the Management Board of Davr-Bank Abdumajid Samadov said.
“By launching this new partnership with IFC, we will be able to extend financing to many more MSMEs and women-run businesses helping them grow and expand over the next couple of years,” he added.
“Limited access to finance has traditionally been a barrier to growth for women-owned businesses and the impact of the COVID-19 pandemic on them has made the situation far worse,” IFC Regional Manager for Central Asia Cassandra Colbert said.
Davr-Bank was founded and started its activity on September 29, 2001, in the city of Tashkent. Currently, seven branches of the bank operate in Tashkent, employing more than 400 people and serving over 20,000 customers.
International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. It operates in more than 100 countries, using capital, expertise, and influence to create markets and opportunities in developing countries.
IFC invested $22 billion in private companies and financial institutions in developing countries in fiscal year 2020, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
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