TASHKENT, Uzbekistan, November 27. Uzbek Ministry of Economy and Finance and the International Finance Corporation (IFC), a member of the World Bank Group, have discussed ways to enhance Uzbekistan’s mortgage market, Trend reports.
The announcement came after a meeting between Uzbekistan's Deputy Minister of Economy and Finance, Zhasur Karshibaev, and the IFC's head of investment programs in Central Asia and Turkey, Alan Nunke, as well as other IFC executives.
During the discussion, the parties addressed the opportunities for mutual cooperation, with a focus on assisting Uzbekistan in strengthening its mortgage lending sector.
Initially, international partners were educated about the nature of recent large-scale economic reforms, particularly the tasks of boosting the role of the private sector in assuring economic growth.
Following the discussions, the participants reached an agreement to continue bilateral cooperation.
Earlier this year, IFC expressed its readiness to provide a loan in the amount of $10 million to Uzbekistan’s Ipak Yuli Bank to support lending to small scale business enterprises.
IFC investments will allow Ipak Yuli Bank to increase its loan portfolio and provide much-needed financing to the country’s small enterprises.
This project is a continuation of IFC's cooperation with Ipak Yuli Bank, which began in 2018. Since then, IFC has provided the bank with financing in the amount of $25 million to support small and medium scale enterprises in hopes to increase labor productivity and reduce poverty in the country.