The European Bank for Reconstruction and Development (EBRD) is providing a synthetic local-currency facility of up to $40 million (€34.5 million) to Mortgage Refinancing Company of Uzbekistan (UzMRC), the only domestic mortgage refinancing institution. The loan will enable UzMRC to secure a continuous flow of medium-term local-currency funding, thereby supporting the development of a commercially
Asian Development Bank (ADB) President Masato Kanda on November 18 met with Uzbekistan President Shavkat Mirziyoyev to reaffirm the strength of ADB’s partnership with Uzbekistan and to commemorate 30 years of development cooperation. “ADB is proud to celebrate three decades of partnership with Uzbekistan,” said Mr. Kanda. “We remain committed to supporting reforms that broaden
The Asian Development Bank (ADB) has approved a $300 million policy-based loan—$100 million of which is concessional—to support the Government of Uzbekistan’s ongoing efforts to expand access to finance for underserved micro, small, and medium-sized enterprises (MSMEs), particularly those led by women, while strengthening the country’s microfinance sector. Subprogram 2 will expand and deepen the
On November 11, Asian Development Bank (ADB) President Masato Kanda met with Turkmenistan President Serdar Berdimuhamedov in Ashgabat to strengthen ADB’s long-standing partnership with Turkmenistan and discuss ways to deepen cooperation in support of the country’s sustainable and inclusive growth. The visit marks the 25th anniversary of the ADB–Turkmenistan partnership and coincides with the country’s
Kyrgyzstan now has its own gold storage facility that meets international standards and can hold up to a thousand tons of gold. Previously, the state had to store its gold reserves abroad. This was announced by President Sadyr Japarov at the opening ceremony of the new building of the National Bank of the Kyrgyz Republic
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for Tajikistan, setting out the Bank’s priorities in the country to 2030. The new strategy reflects the EBRD’s commitment to supporting Tajikistan’s economic transformation through a comprehensive approach that combines financial investment with policy dialogue and technical assistance. In
A new crypto fund, Alem Crypto Fund, has started operating in Kazakhstan. It was established by the Ministry of Artificial Intelligence and Digital Development of Kazakhstan, managed by Qazaqstan Venture Group and registered within the ecosystem of the Astana International Financial Centre (AIFC). The primary objective of the fund is to make long-term investments in
The European Bank for Reconstruction and Development (EBRD) is supporting micro, small and medium-sized enterprises (MSMEs) and improving access to finance for young entrepreneurs in Kazakhstan by providing a loan of up to $7 million (€6 million) to local microlender Arnur Credit. The loan is extended under the EBRD’s Youth in Business (YiB) programme for Central
To expand access to finance for underserved entrepreneurs, IFC—a member of the World Bank Group—and DAVR-BANK have signed a $40 million loan agreement to boost lending to micro and small enterprises (MSEs) across Uzbekistan, with a focus on women-led businesses. The initiative aims to promote inclusive economic growth, empower small entrepreneurs, and create jobs. The
The Government of Uzbekistan and Asian Infrastructure Investment Bank (AIIB) held high-level talks to advance their strategic partnership, demonstrating deepening bilateral ties, marking key implementation milestones and identifying new avenues for cooperation. The partnership between AIIB and Uzbekistan has been strengthened by three milestones in recent weeks: the launch of a $1 billion multi-phased program
Kyrgyzstan’s state-owned Eldik Bank has become the first bank in Central Asia to join China’s Cross-Border Interbank Payment System (CIPS) as a direct participant. According to the bank, this strategic step opens up new opportunities for Kyrgyzstan to carry out direct and instant settlements in yuan with Chinese partners and other participants in the system,
To support Tajikistan’s smaller businesses, strengthen support for women entrepreneurs, improve energy efficiency, and boost housing finance, IFC — a member of the World Bank Group — is providing a $5 million loan in local currency to the country’s Bank Arvand. This long-term financing will allow Bank Arvand, an IFC partner since 2019, to ramp
On August 20, the UK government announced a crackdown on Russia’s attempts to avoid western sanctions by exploiting Kyrgyzstan’s financial systems and crypto networks. According to the UK government, “with sanctions continuing to bite, Russia has turned to the Kyrgyz financial sector to channel money through opaque financial networks, including through the use of cryptocurrencies.
Over 800,000 Kyrgyz people —including migrants, their families, returnees, and aspiring migrant workers—will be transforming remittances, the money sent home by migrant workers, into a powerful financial tool that provides life-changing opportunities thanks to the new partnership announced on August 18 by the International Fund for Agricultural Development (IFAD) and Kompanion Bank, one of the largest
A new partnership has been launched between the United Nations Development Programme (UNDP) and the Business Development Bank (BDB) of Uzbekistan, marking a promising step forward for small and medium-sized businesses across the country, according to UNDP Uzbekistan. This partnership between BDB and UNDP aligns national goals with global expertise to support Uzbekistan’s SMEs, especially
A new partnership has been officially launched between the United Nations Development Programme (UNDP) and the Business Development Bank (BDB) of Uzbekistan, marking a promising step forward for small and medium-sized businesses across the country, UNDP Uzbekistan reported. This partnership between BDB and UNDP aligns national goals with global expertise to support Uzbekistan’s SMEs, especially
To help expand access to finance for small and medium enterprises and women entrepreneurs, IFC — a member of the World Bank Group — is investing $15 million in a private bond issuance by Demir Kyrgyz International Bank (DemirBank), a leading commercial bank in the Kyrgyz Republic. According to IFC, proceeds from the bond will
IFC — a member of the World Bank Group — says it is investing up to $3 million in local currency equivalent to Kompanion Bank, one of the leading community development banks in Kyrgyzstan, to provide financing for micro and small enterprises (MSEs) across the country. With 40 percent of the loan proceeds allocated to
To expand access to finance for micro and small enterprises, including women entrepreneurs across Kazakhstan, IFC (a member of the World Bank Group) and Arnur Credit have signed a local currency loan agreement of $10 million-equivalent. With 40 percent of the funding earmarked for women-run businesses, the financing includes a $5 million-equivalent local currency loan
The International Finance Corporation (IFC), a member of the World Bank Group and Asian Credit Fund (ACF), one of the leading microfinance institutions in Kazakhstan, announced a new strategic partnership aimed at expanding access to finance for micro enterprises in rural areas of Kazakhstan. This collaboration is expected to foster financial inclusion, create jobs, and
