2023.10.17
On October 3, the Japan International Cooperation Agency (JICA) signed a loan agreement with the Joint Stock Commercial Bank with foreign capital "Hamkorbank," in the Republic of Uzbekistan, for Private Sector Investment Finance of up to US$35 million, and held a ceremony in the nation’s capital Tashkent on October 15 to commemorate the signing. The funds from this loan will be used to finance MSMEs (micro-, small and medium-sized enterprises). The loan is co-financed by the International Finance Corporation (IFC), which provided $15 million in 2022, and is based on the Facility for Accelerating Financial Inclusion (FAFI)
Signing ceremony
MSMEs play a crucial role in Uzbekistan's economy, accounting for about 54% of GDP and 78% of employment. However, the amount of MSMEs with access to bank loans in the country remains at a low level of approximately 22%. With the promotion of MSMEs being very important for the further development of Uzbekistan's economy, improving their access to finance is an urgent issue.
This project aims to contribute to the sustainable economic development of Uzbekistan by improving access to finance for the country’s MSMEs, thereby contributing to the achievement of SDGs (Sustainable Development Goals) Goals 8 (Decent work and economic growth) and 17 (Partnerships for the goals). JICA will continue to support access to finance for MSMEs in Uzbekistan and other countries around the world.
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