TASHKENT, Uzbekistan, February 28. Uzbekistan's Ipak Yuli Bank has secured a $100 million loan from the Dutch Entrepreneurial Development Bank (FMO) to foster the growth and development of small and medium-sized enterprises (SMEs) in Uzbekistan, Trend reports.
According to Ipak Yuli Bank, the agreement will enable the bank to actively finance SME projects, support energy efficiency initiatives, promote renewable energy development, and provide funding to expand opportunities for young and women entrepreneurs in the country. Under the current cooperation program, the loan is offered in a multi-currency format.
"We are proud of this new long-term investment loan for Ipak Yuli Bank, our client since 2013. Over the years, we have witnessed the bank's growth into a strategic partner focused on sustainable financing and financial inclusion. Since the loan will support environmentally friendly projects as well as young and female entrepreneurs in Uzbekistan, this investment fully aligns with FMO’s goals of reducing inequality and protecting the climate. We appreciate Ipak Yuli Bank and all its employees for their excellent cooperation," said Heib-Jan de Ruyter, Co-Chief Investment Officer of FMO.
Chairman of the Board of Ipak Yuli Bank Saidabror Saidakhmedov, noted that this agreement marks a significant step in strengthening cooperation between our banks, aimed at expanding financing for green projects and initiatives that reduce inequality, including micro, small, and medium-sized enterprises owned or led by youth and women. With these resources, the bank will make an additional contribution to job creation, particularly in businesses led by young entrepreneurs and women.
Ipak Yuli Bank’s partnership with FMO began in 2013 with an initial $13 million loan to support SME development and private entrepreneurship in Uzbekistan. Since then, seven loan agreements have been signed, bringing the total financing volume to $191 million.
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