Entrepreneurs in Uzbekistan will benefit from better access to finance thanks to FMO’s allocation of USD 15 mln loan to JSCI Ipak Yuli, one of the country’s largest privately-owned commercial banks. The loan will allow the bank to further grow and expand in its focus areas in micro, small and medium enterprises (MSME’s) and support energy efficiency projects.
Huib-Jan de Ruijter, Director Financial Institutions at FMO commented: “We are proud to announce the signing of a new transaction with our longstanding relationship Ipak Yuli Bank from Uzbekistan. FMO fully supports the bank’s intensified impact path of supporting a combination of women-owned SMEs, youth entrepreneurs, agribusiness and micro-loan customers. Furthermore, we welcome the bank’s goal of greening the economy by allocating a portion of the new loan to finance eligible green projects.”
Ipak Yuli Bank attracted a similar loan from FMO in August 2019 in the amount of USD 20 mln. By the end of 2019, already more than 300 projects were financed through this loan and about half of the loan amount will be utilized over the course of 2020. Ipak Yuli Bank has started successful cooperation with the Dutch entrepreneurial development bank FMO since 2013.