BAKU, Azerbaijan, May 16
By Ilkin Seyfaddini - Trend:
The International Finance Corporation (IFC) expands cooperation with Ipak Yuli bank of Uzbekistan, Trend reports citing UzDaily Agency.
The International Finance Corporation and Ipak Yuli Joint Stock Innovation Commercial Bank signed an agreement allowing the bank to better manage currency risks and increase local currency financing for small and medium-sized enterprises, which play a key role in the economic development of Uzbekistan.
Under the agreement, IFC and Ipak Yuli will carry out currency swap operations in accordance with the general agreement of the International Swaps and Derivatives Association (ISDA), which is the standard document for the regulation of over-the-counter derivatives transactions. This will enable the bank to insure its resources in foreign currency and better balance its assets and liabilities.
IFC is the only international financial institution that provides local banks in Uzbekistan with such a risk management tool, the message said.
The corporation has been cooperating with Ipak Yuli - one of the largest private banks in Uzbekistan - since 2018 and has provided $15 million in Uzbek soum since then.
The International Finance Corporation, a member of the World Bank Group, is the largest global institution dedicated to supporting the private sector in emerging markets. The corporation works with more than two thousand private enterprises around the world. In 2019, the company provided more than $19 billion in long-term funding to developing countries. In doing so, the corporation has attracted the strong potential of the private sector to eradicate extreme poverty and improve global prosperity.
Ipak Yuli Joint Stock Innovation Commercial Bank, founded in 1990, is one of the first private banks in Uzbekistan. It provides a wide range of banking services to retail and corporate clients through a well-developed network consisting of 16 branches and 36 express centers in eight regions of Uzbekistan.
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