Uzbekistan is reportedly implementing a new microfinance development project with help from the United Nations Development Program, German Technical Cooperation Center (GTZ) and the International Finance Corporation (IFC). The new project will provide group loans to developing family businesses, farming and the improvement of living standards for women. The interest rate will be 6 percent per month for a period of 3 to 6 months. The fund will be implemented by the Uzbek Association for Microfinance Institutions and Credit Unions, a network of 22 credit unions and 21 microfinance institutions (MFIs) [1].
As of 2008, 16 MFIs in Uzbekistan reported to the Microfinance Information Exchange (MIX) an aggregate gross loan portfolio of USD 121 million, 63,300 active borrowers, an average loan balance per borrower of USD 1,900, total deposits of USD 55.9 million, total assets of USD 193 million, and 173,000 depositors [2].
By Julia Korn, Research Associate
Sources and Additional Resources:
[1] Trading Markets. “Uzbekistan developing micro lending” on July 3, 2010. http://www.tradingmarkets.com/news/stock-alert/ifk_uzbekistan-developing…
[2] MIX Market. “Microfinance in Uzbekistan.” http://www.mixmarket.org/mfi/country/Uzbekistan
About The Uzbek Association for Microfinance Institutions and Credit Unions:
The Uzbek Association for Microfinance Institutions and Credit Unions, based in Tashkent, Uzbekistan, is a network of 22 credit unions and 21 microfinance institutions (MFIs) with total assets of UZS 52.2 billion (equivalent to USD 31.3 million) as of January 1, 2010. It provides knowledge management, policy advocacy, research and development and technical services.
About The United Nations Development Program:
The mission of UNDP is to provide developing countries with knowledge, experience and resources in line with the United Nations’ Millenium Development Goals (MDGs). UNDP operates in 166 countries and works directly with national goverments. UNDP also publishes the annual Human Development Report, which provides a benchmark for development from each of its country offices.
About The German Technical Cooperation Center (GTZ):
The German Technical Cooperation Center (GTZ) is a German government-owned international cooperation enterprise for sustainable development. GTZ supports microfinance operations in more than forty countries by attempting to help microfinance institutions become financially and legally viable as well as supporting reforms in the financial sector that are favorable to microfinance.
About The International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
MicroCapital Universe. The Uzbek Association for Microfinance Institutions and Credit Unions. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uzb…
MicroCapital Universe. The United Nations Development Program. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…
MicroCapital Universe. The German Technical Cooperation Center (GTZ). https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ges…
MicroCapital Universe. The International Finance Corporation. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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