The Asian Development Bank (ADB) and Arnur Credit Limited Liability Company have signed a senior unsecured loan of up to $5 million (in tenge equivalent) to expand access to finance for micro, small, and medium-sized enterprises (MSMEs) in Kazakhstan, with a focus on women-led MSMEs (WMSMEs) and as well as green loans. Arnur Credit will
The third meeting of the Kazakh-Brazilian Business Council was held in Porto Alegre on October 14. Lucas Redeсker, Chairman of the International Affairs Committee of the Brazilian National Congress; Bolat Nussupov, Ambassador of Kazakhstan to Brazil; Marcel Biato, Ambassador of Brazil to Kazakhstan; and Marat Birimzhan, representative of JSC NC KAZAKH INVEST in the Americas participated. The meeting
The U.S. Agency for International Development (USAID), in partnership with the State Committee for Investments and State Property Management of Tajikistan, the State Business Incubator, and the public organization Toji Nurafshon (Tajikistan Venture Capital) hosted the Startupstan Summit 2024 in Dushanbe on October 12-13. The Startupstan Summit 2024 is a platform to foster partnerships among
The Ministry of Water Resources and Irrigation of Kazakhstan said it had sent 977 million cubic meters of water to the Aral Sea during this year’s irrigation season, or 98% of the plan. In recent years, only 350-400 million cubic meters of water flowed into the sea during irrigation seasons. Since the beginning of
Deputy Minister of Foreign Affairs of Kazakhstan Alibek Kuantyrov on October 9 met with the delegation of the U.S. Trade Mission, headed by Deputy Assistant Secretary of State for Europe and Eurasia David De Falco and U.S. Ambassador to Kazakhstan Daniel Rosenblum. The parties discussed expanding strategic cooperation with the United States, focusing on developing
The Asian Development Bank (ADB) has approved additional grant financing of $15 million to help Tajikistan scale up an ongoing project to reconnect the country’s power system to the Central Asian Power System (CAPS) through interconnections with neighboring Uzbekistan. “Through the Central Asia Regional Economic Cooperation (CAREC) program, ADB actively promotes regional power trade among countries in
Authorities in Turkmenistan have begun confiscating the passports of individuals trying to leave the country if they have outstanding bank loans, RFE/RL’s Turkmen Service reported. The move is seen as a major blow to many who are migrant workers heading abroad to earn badly needed cash to send home. RFE/RL’s Turkmen Service reports that authorities
The World Bank’s Board of Executive Directors has approved a financial package of $800 million in highly concessional loans to support the Uzbek government’s structural reform program, which aims to improve Uzbekistan’s business environment, boost efficiency in agriculture, railways, and energy sectors, enhance public finance management, expand social protection services, and strengthen the country’s preparedness for
The Asian Development Bank (ADB) has raised its growth forecast for Uzbekistan for 2024 and 2025 after economic growth in the first half of 2024 outpaced expectations due to higher investment and strong expansion in industry. This was presented on 3 October by ADB Regional Lead Economist for the Central and West Asia Department Kiyoshi
IFC, a member of the World Bank Group, says it has signed an agreement with Ipak Yuli Bank to provide a syndicated loan of up to $42 million, aimed at increasing access to financing for smaller businesses and women entrepreneurs across Uzbekistan. With 25 percent of the funding earmarked for women-run businesses, this initiative is
On October 18-19, Decentrathon 2.0, Kazakhstan’s largest multi-location hackathon, will gather over 2,500 developers across 17 regions to compete for a $50,000 prize pool. Participants will tackle challenges in AI, Blockchain, GameDev, and Telegram mini apps. Additionally, a virtual job fair will offer developers the chance to connect with top companies and explore career opportunities
An Uzbek-Indian business forum was held in Tashkent on September 27 under the co-chairmanship of Deputy Prime Minister of Uzbekistan Jamshid Khojayev and Minister of Finance and Corporate Affairs of India Nirmala Sitharaman. The forum was also attended by Deputy Minister of Investment, Industry and Trade of Uzbekistan Shokhrukh Gulamov, as well as about 100
The Asian Infrastructure Investment Bank (AIIB) says it further solidified its long-standing partnership with Uzbekistan through a series of agreements signed at the Bank’s 9th Annual Meeting in Samarkand on September 25-26. The agreements follow the signing of a three-year rolling pipeline for sovereign-backed financed projects by Uzbekistan President Shavkat Mirziyoyev and AIIB President Jin Liqun in Beijing. This
The Asian Development Bank (ADB) says it has approved $32.35 million of additional financing for a rural water supply and sanitation development program in northern Kyrgyzstan that is already performing well. The additional financing will empower the government to continue rolling out its water program under the Kyrgyz Republic’s National Development Strategy, 2018–2040—which aims to
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for the Kyrgyz Republic, defining the Bank’s priorities in the country until 2029, the Bank has announced. The strategic approach to operations in the country will be based on the following three pillars: Support for private sector competitiveness and
Nikolai Podguzov, Chairman of the Management Board at the Eurasian Development Bank (EDB), spoke at the Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) in Samarkand on September 26 during the session titled New Uzbekistan – Big Country with Big Opportunities. The session was attended by Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade,
Companies and households in Tajikistan will have better access to green technologies and climate adaptation measures thanks to a new financing program approved by the European Bank for Reconstruction and Development (EBRD) for one of the country’s leading banks, the First Microfinance Bank (FMFB), which operates a nationwide network of 7 branches and 40 banking service centres in all
The Asian Development Bank (ADB) has marginally revised downwards its economic growth outlook for Kazakhstan in 2024, following weaker expansion in services in the first half of the year coupled with lower oil outputs, massive floods, and a slowdown in investment. The Asian Development Outlook (ADO) September 2024, the latest edition of ADB’s flagship publication, projects
On September 24, Chairman of the Management Board of JSC National Company Kazakh Invest Yerzhan Yelekeyev held a meeting with the Chairman of the Board of Directors of China Datang Corporation Ltd. Zou Lei, during which the parties discussed the implementation of the company’s investment project in Kazakhstan. Zou Lei informed the Kazakh side about the project’s progress for
More than 50 entrepreneurs from Kyrgyzstan are receiving a unique opportunity to learn about e-commerce through the “Janyration Sanarip” programme. This initiative, aimed at supporting micro, small, and medium-sized enterprises in the country, is being implemented through the efforts of the Government of the Kyrgyz Republic and the United Nations Development Programme (UNDP), UNDP Kyrgyzstan
