The Asian Development Bank, a Manila-based regional development bank, has agreed to loan three Uzbekistani banks a total of USD 50 million and provide a grant of USD 600,000 to grow their financing to micro- and small enterprises (MSEs). The three commercial banks receiving the credit line are Ipak Yuli Bank (IYB), HamkorBank and Agrobank. HamkorBank and Agrobank will each receive USD 20 million, and the remaining USD 10 million will go to IYB. The banks are matching the loan amount from ADB with their own resources on a one-to-one basis.
According to the ADB press release, the technical assistance grant is to be used by the banks for the purposes of “credit appraisal and microfinance accounting and reporting standards, as well as lending to women and microcredit organizations. It will also coach end-borrowers, especially women, in business plan preparation and credit applications.” The press release indicates that “under the loan agreement, at least 25 percent of the new microfinance accounts opened will be for women, and at least 1,000 women borrowers will be trained.”
As of 2007, Ipak Yuli Bank reported total assets of UZS 187 billion (USD 120 million) and total loan portfolio of UZS 84.7 billion (USD 54.2 million). No financial information is available in English for HamkorBank and Agrobank.
By: Christine Chang, Research Associate
About Asian Development Bank (ADB):
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a regional development bank that consists of sixty-seven members, of which forty-eight are based in the region and nineteen are based outside the region. The ADB has three strategic agendas: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, the ADB uses loans, technical assistance programs, grants and direct assistance in the form of equity investments, guarantees and credit to private companies in member countries.
About Ipak Yuli Bank (IYB):
Ipak Yuli Bank, headquartered in Tashkent, Uzbekistan, was established in 1990. The bank aims to provide a wide range of services to their clients with the intention of “strengthening private business in the republic”. From the bank’s 2007 annual report, the bank reported total assets of UZS 187 billion (USD 120 million), total loan portfolio of UZS 84.7 billion (USD 54.2 million) and 126,000 customers.
About HamkorBank:
HamkorBank, headquartered in Andijan, Uzbekistan, is registered as a joint-stock commercial bank that was established in 1991. The bank aims to provide access to credit to any customer or business, “regardless of their type of activity and size of business.” As of June 2007, the bank had a network of 24 branches across Uzbekistan. HamkorBank has partnered with financial institutions, including the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). No financial information is currently available in English for HamkorBank.
About Agrobank:
Agrobank, headquartered in Tashkent, Uzbekistan, was established in 1995 (reorganized and renamed Pakhta Bank in early 2009). The bank was formed to improve the quality and accessibility of credit services to the agricultural industry, mainly to cotton and grain producers, in Uzbekistan. The bank has a broad network throughout the country with 13 regional offices, 186 branches and 723 “mini-banks”. No financial information is available in English for Agrobank.
Additional Resources:
Asian Development Bank press release: ADB Supports 3 Uzbekistan Banks on Microfinance Lending, April 23, 2010: http://www.adb.org/Media/Articles/2010/13216-uzbekistan-microfinance-lending/
MicroCapital Universe: Asian Development Bank (ADB): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Development+Bank+%28ADB%29
MicroCapital Universe: Ipak Yuli Bank (IYB): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ipak+Yuli+Bank+%28IYB%29
MicroCapital Universe: HamkorBank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=HamkorBank
MicroCapital Universe: Agrobank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Agrobank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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