Ipak Yo’li Banki is pleased to announce the signing of an agreement with the OPEC Fund for International Development for a sum of 30 million USD. These funds will be allocated to enhance access to financing for micro, small, and medium-sized enterprises (MSMEs) in Uzbekistan, including businesses led by women. This initiative marks the first direct loan provided by the OPEC Fund to a private bank in Uzbekistan, highlighting the significance and uniqueness of this partnership.
“Our partnership with Ipak Yo’li Banki reflects our targeted strategy to support the transformation of Uzbekistan's private sector. By providing businesses with access to financing, including women entrepreneurs, we help unlock their potential and foster sustainable economic growth in the country. This partnership aims not only to provide financial assistance but also to support a more dynamic and inclusive private sector that creates economic opportunities and enhances the well-being of local communities,” said the president of the OPEC Fund, Abdulhamid Al Khalifa.
This funding will enable Ipak Yo’li Banki to significantly expand its support for MSMEs, which are the backbone of Uzbekistan's economy, accounting for 54% of the country's GDP and providing 78% of jobs. As a result of this collaboration, thousands of micro, small, and medium enterprises will gain access to the necessary financial resources for growth, which will help stimulate innovation, job creation, and sustainable economic growth.
About the OPEC Fund
The OPEC Fund is a global development organization that provides financing exclusively from OPEC member countries to non-member countries. Established in 1976, the Fund works with partners to promote economic growth and social progress in low- and middle-income countries. To date, the OPEC Fund has allocated over 27 billion USD for projects in 125 countries, striving for sustainable development worldwide.
Advertisement.