TASHKENT, Uzbekistan, March 13. The OPEC Fund for International Development has announced a $35 million loan to Uzbekistan’s Asaka Bank to enhance food security and support climate action projects in the Central Asian region, the Fund told Trend.
This funding is set to open the floodgates for agricultural financing and bolster the bank’s climate finance portfolio, ensuring it stands on solid ground.
"Our collaboration with Asaka Bank addresses two critical priorities for Uzbekistan: ensuring food security and tackling climate change. Agriculture plays a vital role in the country’s economy, and targeted investments in sustainable practices will help smallholder farmers build resilience and boost productivity. This financing reflects our commitment to fostering economic growth while advancing climate action," OPEC Fund President Abdulhamid Alkhalifa emphasized.
Asaka Bank will distribute the OPEC Fund loan to small and medium-sized enterprises (SMEs) and agribusinesses, enabling them to access vital financing for expansion. This initiative will lend a helping hand to farmers and rural businesses, enabling them to get their ducks in a row with essential services, embrace the latest technology, and open doors to market access—ultimately bolstering productivity and resilience across the board.
The OPEC Fund has been a long-standing partner to Uzbekistan for over 25 years, contributing to nearly 30 public and private sector projects with a total loan volume of $800 million. A Country Partnership Framework, signed in 2024, allocates $500 million in new financing from the OPEC Fund to advance Uzbekistan’s sustainable development agenda through 2029.