On February 10, Ipak Yo‘li Bank attracted a loan of $100 million from the Dutch Development Bank (FMO) to support the growth and development of small and medium-sized enterprises in Uzbekistan.

The signed agreement will enable the bank to:

  • actively finance projects in the small and medium-sized business sector;
  • support initiatives aimed at increasing energy efficiency and developing renewable energy sources;
  • allocate funding for expanding the activities of young and women entrepreneurs in Uzbekistan.

As part of the current cooperation program, the provided loan funds are issued in a multi-currency format—allowing for credit to be received in both US dollars and the national currency.

“We are proud of this new long-term investment loan for Ipak Yo‘li Bank, our client since 2013. Over this time, we have witnessed the bank's development into a strategic partner focused on sustainable financing and financial inclusion. Since the loan will be used to finance environmentally friendly projects as well as young and women entrepreneurs in Uzbekistan, this investment fully aligns with FMO’s goals of reducing inequality and protecting the climate. We thank Ipak Yo‘li Bank and all its staff for excellent cooperation,” said Heyb-Jan de Ruijter, Co-CIO of FMO.

“This agreement is an important step in strengthening cooperation between our banks, aimed at expanding financing for both green projects and initiatives to reduce inequality, including projects such as micro-enterprises and small and medium-sized enterprises owned or led by youth and women. With these resources, the bank will contribute further to creating new jobs, especially in enterprises led by young entrepreneurs and women,” stated Saidabror Saidakhmedov, Chairman of the Management Board of Ipak Yo‘li Bank.

The partnership between Ipak Yo‘li Bank and FMO began in 2013 with the provision of a $13 million loan aimed at supporting the development of small and medium-sized businesses and private entrepreneurship in Uzbekistan. Since then, seven loan agreements have been concluded, resulting in a total of $191 million in attracted funds.

About FMO

FMO is the Dutch Development Bank. As one of the leading investors focused on social impact, FMO supports sustainable growth in the private sector in developing countries and economies by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector contributes to economic and social development. For over 50 years, the bank has successfully helped entrepreneurs make local economies more inclusive, productive, sustainable, and environmentally friendly. FMO focuses on three sectors that have a significant impact on development—agri-business, food and water resources, energy, and financial institutions. With a total commitment volume of around €13 billion and a presence in more than 85 countries, FMO is one of the largest bilateral development banks for the private sector in the world. More information can be found on the website.

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