United Nations Development Program (UNDP), the United Nations’ global development network that seeks to connect countries to knowledge, experience and resources to help people build a better life, organized a session recently to discuss amendments to microfinance regulations in Uzbekistan.
Session participants included Uzbekistan’s Central Bank, Ministry of Justice, National Association of Microcredit Organizations and the Association of Credit Unions. UzReport, an Uzbekistan-based business news website, reports that participants discussed and approved drafts of regulations that will introduce new requirements to credit policy intended to ensure the financial sustainability of microfinance institutions (MFIs) in Uzbekistan. The introduction of the new accounting and auditing standards is expected to reduce the operational expenses of MFIs as a result of the automation of accounting processes and the reduction in paperwork required to comply with existing regulations.
As of 2009, 13 MFIs in Uzbekistan reported to the US-based Microfinance Information Exchange (MIX) total assets of USD 244 million, an aggregate gross loan portfolio of USD 175 million, 64,900 active borrowers, total deposits of USD 91.8 million, and 60,174 depositors [2].
By: Alexandra Pattee, Research Associate
About The United Nations Development Program: The mission of United Nations Development Program (UNDP) is to provide developing countries with knowledge, experience and resources in line with the United Nations’Millennium Development Goals (MDGs). UNDP operates in 166 countries and works directly with national goverments. Each country office of UNDP also publishes the annual Human Development Report, which provides a benchmark for development.
Sources and Resources:
[1] UzReport.com, “Uzbekistan: New Regulations Give Greater Access to Microfinance Services”, http://finance.uzreport.com/other.cgi?lan=e&id=88578
[2] MIX Market, “Microfinance in Uzbekistan”, http://www.mixmarket.org/mfi/country/Uzbekistan
MicroCapital.org Article, December 13, 2010, “Microfinance Center (MFC) for Central and Eastern Europe and the New Independent States Concludes Meeting on Financial Education Program (FEP) for Low-Income Households in Uzbekistan”, https://www.microcapital.org/microcapital-brief-microfinance-center-mfc-for-central-and-eastern-europe-and-the-new-independent-states-concludes-meeting-on-financial-education-program-fep-for-low-income-households-in-uzbekist-2/
MicroCapital.org Article, July 7, 2010, “Uzbek Association for Microfinance Institutions and Credit Unions to Implement New Group Loan Program”, https://www.microcapital.org/microcapital-brief-uzbek-association-for-microfinance-institutions-and-credit-unions-to-implement-new-group-loan-program/
MicroCapital.org Article, January 4, 2010, “The International Finance Corporation (IFC) and the Government of Switzerland Launch Three-Year Program to Improve Financial Infrastructure for Small and Medium Enterprises (SMEs) in Azerbaijan, the Kyrgyz Republic, Tajikistan, and Uzbekistan”, https://www.microcapital.org/microcapital-brief-the-international-finance-corporation-ifc-and-the-government-of-switzerland-launch-three-year-program-to-improve-financial-infrastructure-for-small-and-medium-enterprises-smes/
MicroCapital.org Article, January 2, 2010, “The European Bank for Reconstruction and Development (ERBD) Provides $5m Loan to Uzbekistan’s HamkorBank for Micro- and Small Enterprises (MSEs)”, https://www.microcapital.org/microcapital-brief-the-european-bank-for-reconstruction-and-development-erbd-provides-5m-loan-to-uzbekistans-hamkorbank-for-micro-and-small-enterprises-mses/
MicroCapital’s Microfinance Universe: The United Nations Development Program, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=United+Nations+Development+Program+%28UNDP%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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