MICROCAPITAL BRIEF: EBRD Issues $20m Credit Line to Ipoteka Bank of Uzbekistan to Increase Microfinance, SME Lending

Micro-, small, and medium-sized enterprises (MSMEs) in Uzbekistan are due to gain increased access to financing via a loan in the amount of EUR 18 million (USD 20 million) provided by the UK-based European Bank for Reconstruction and Development (EBRD) to Uzbekistan’s Ipoteka Bank.

EBRD’s head of operations in Uzbekistan, Alkis Vryenios Drakinos, said, “We are proud to deepen our partnership with Ipoteka Bank to support lending to small businesses. We consider MSMEs to be a priority sector as they play an increasingly important role in Uzbekistan’s economy. We are confident that our productive cooperation will deliver long-lasting benefits.” As of 2018, Ipoteka Bank has UZS 19.8 trillion (USD 2.1 billion) in total assets, 39 branches and approximately 700 service outlets.

Founded in 1991, EBRD provides loans, debt securities, equity investments and technical assistance to MSMEs via commercial banks and microfinance institutions. With a focus on “the promotion of private and entrepreneurial initiative,” the bank invested EUR 9.5 billion (USD 10.9 billion) during 2018 in 395 projects. As of 2019, EBRD’s shareholders comprise 67 countries plus the EU.

Sources and Additional Resources

EBRD press release
https://www.ebrd.com/news/2019/uzbek-small-businesses-to-benefit-from-ebrd-finance.html

EBRD homepage
https://www.ebrd.com/

Ipoteka Bank homepage
https://www.ipotekabank.uz/en/

Ipoteka Bank 2019 interim report
https://www.ipotekabank.uz/upload/IPOTEKA-BANK%202019%20interim%20(%D0%BD%D0%B0%20%D1%80%D1%83%D1%81%D1%81%D0%BA%D0%BE%D0%BC%20%D1%8F%D0%B7%D1%8B%D0%BA%D0%B5).pdf

EBRD 2018 Annual Report
https://www.ebrd.com/news/publications/annual-report/annual-review-2018.html

MICROCAPITAL BRIEF: Erste Bank Serbia Opens $45m Credit Line from EBRD to Increase Financing to SMEs
https://www.microcapital.org/microcapital-brief-erste-bank-serbia-opens-45m-credit-line-from-ebrd-to-increase-financing-to-smes/

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