TASHKENT, Uzbekistan, March 7. The European Bank for Reconstruction and Development (EBRD) is providing a $10 million loan to Ipoteka Bank, Uzbekistan's leading private lender, controlled by the OTP Group of Hungary, Trend reports.
The loan is provided under the Uzbekistan Green Economy Financing Facility II (GEFF Uzbekistan II).
Furthermore, this loan will help improve access to renewable energy and energy efficiency technologies for small businesses and private entrepreneurs.
The financing is supported by the International Cooperation and Development Fund (TaiwanICDF) via the Crisis Response Special Funds (CRSF) and technical cooperation funds from the Climate Investment Special Fund and Action for Equality and Gender Multi-Donor Cooperation Fund.
Uzbekistan is the leading recipient of EBRD funding in Central Asia for the fourth year running. To date, the Bank has invested around 4.28 billion euros in 147 projects across the country, with most of those funds supporting private entrepreneurship.
Meanwhile, Uzbekistan and EBRD have signed an agreement in Tashkent on establishing a project development fund for public-private partnership projects in the country.
According to the agreement, the Bank will provide Uzbekistan with $10 million to create a fund that will finance the costs of preparing public-private partnership projects in the country. Approval of the loan took place in December 2023.