TASHKENT, Uzbekistan, August 1. The European Bank for Reconstruction and Development (EBRD) has approved a senior unsecured loan of up to $10 million for Uzbekistan's Ipoteka-bank (IB), Trend reports.
According to the bank, the loan will be received under the FIF Central Asian Women in Business Programme (CA WiB Programme).
Out of this amount, $3 million will be specifically designated for eligible investments in digitalization as part of the program's digital component.
The loan to IB is a crucial part of the CA WiB Programme, aimed at promoting female entrepreneurship and encouraging women's active participation in business activities. This support will contribute to bridging gender inclusion gaps concerning access to finance and employment, fostering both inclusive and competitive transition qualities.
Notably, this loan represents the first pilot initiative with a digitalization component under the Program. It will play a pivotal role in aiding women-led MSMEs in adapting to digitalization for their services, assets, and business processes.
IB, the 5th largest bank in Uzbekistan, holds approximately 7.9 percent market share in total assets as of the end of 2022. Operating through 39 branches and 122 service centers, IB recently saw a majority stake (73.71 percent) being acquired by OTP Group, the first foreign strategic investor in the Uzbekistani banking sector. OTP Group, a prominent financial group in Hungary, holds a rating of Baa1 (0)/BBB-(0) by Moody's/S&P (as of May 2023).