On October 3, the Japan International Cooperation Agency (JICA) signed a loan agreement with the Joint Stock Commercial Bank with Foreign Capital “Hamkorbank”, a commercial financial institution in the Republic of Uzbekistan, (Joint Stock Commercial Bank with Foreign Capital “Hamkorbank”), a commercial bank in the Republic of Uzbekistan, on October 3. A ceremony to commemorate the signing was held in Tashkent on March 15. The funds from this loan will be used to provide loans to small and micro businesses. The project will be implemented as a co-financing with the International Finance Corporation (hereinafter referred to as “IFC”). IFC has disbursed a loan of US$15 million in 2022. This project is also eligible for the Facility for Accelerating Financial Inclusion (FAFI). The signing ceremony
Micro, small, and medium-sized enterprises (MSMEs) play a very important role in Uzbekistan’s economy, accounting for about 54% of GDP and 78% of the country’s working population. However, the number of micro, small, and medium-sized enterprises (MSMEs) that can obtain loans from banks in Uzbekistan remains at a low level, at about 22%. Although the promotion of micro, small, and medium-sized enterprises is essential for the further development of the country’s economy, improving their access to finance is an urgent issue.
This project will contribute to the sustainable economic development of Uzbekistan by improving access to finance for small and medium-sized micro and small businesses, thereby contributing to SDG Goals 8 (both job satisfaction and economic growth) and 17 (achieving the goals through partnership). JICA will continue to support access to finance for small and micro businesses in Uzbekistan and other countries around the world.
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