The Japan International Cooperation Agency (JICA) signed a loan agreement with Ipak Yuli Bank (“IYB”), a private commercial bank in the Republic of Uzbekistan, on December 15, and held a signing ceremony in the country’s capital, Tashkent, on December 22. The ceremony was attended by Mr. Saidabror Saydakhmedov, Representative Director of IYB, Mr. Yoshifumi Oto, Director of JICA Uzbekistan Office, and other representatives of both organizations.
The project will be co-financed with the International Finance Corporation (IFC), and was mentioned in the Joint Statement issued at the Japan-Uzbekistan Summit held on December 20. This project is expected to support sustainable economic growth in Uzbekistan, a country with abundant natural resources and a rapidly growing population, and to contribute to the strengthening of economic security by contributing to the strengthening of relations between Japan and Uzbekistan.
Scene of the signing ceremony
Loan recipient
Joint-Stock Innovation Commercial Bank “Ipak Yuli” (IYB)
Country (region covered)
Republic of Uzbekistan
Loan amount (maximum)
US$25 million
Project Name
Financial Inclusion Support Program for Young and Female Managers
Business Objectives
This project will improve access to finance for micro, small, and medium-sized enterprises (MSMEs), including young and women-owned enterprises, in Uzbekistan by providing loans to IYB, a private commercial bank, thereby contributing to sustainable economic growth.
Business Overview
Loans from the project will be used to finance loans from IYB to MSMEs, including young and women-owned businesses, throughout Uzbekistan. Of the total, more than 50% of the JICA loan amount will be allocated to MSMEs managed by young and women business owners.
Contribution to SDGs
Goal 5 (Achieve gender equality)
Goal 8 (both job satisfaction and economic growth)
Goal 17 (Let’s achieve our goals in partnership)
Other
The G7 2X Challenge: Financing for Women initiative is an initiative in which development finance institutions in the G7 countries, including JICA, use their own funding to promote the economic empowerment of women by fostering women entrepreneurs and business leaders and promoting their entry into the labor market. actively engaged in financing for women MSMEs, this project is a contribution to the 2X Challenge Initiative.
＜Reference: 2X Challenge Secretariat’s official website
© Source JICA