In order to increase access to financing for small and medium-sized enterprises, Ipak Yuli Bank is expanding the list of its partners to attract long-term resources. Thanks to a $15 million loan from Finnish investment fund Finnfund, the bank will be able to continue to develop its business with micro, small and medium-sized enterprises.

 

“We are happy to sign our first deal with Finnfund. We look forward to long-term partnership in the area of supporting and increasing private sector participation in the economy, improving access to finance in Uzbekistan. This deal will allow us to continue to support a bigger number of small and medium enterprises (SMEs) in the country providing inclusive services that is a key part of the bank's activity” said Saidabror Saydakhmedov, Chairman of the Management Board of Ipak Yuli.

 

 

“Private sector development in Uzbekistan can only happen if the previously underserved SME’s get access to finance”, says Jaakko Kangasniemi, Managing Director and CEO at Finnfund. ”Ipak Yuli has ambitious plans to increase its lending and is well on its way in developing its services both online and offline, and we are convinced that this is exactly what the entrepreneurs need in order to develop their businesses.”

 

 

About Finnfund

Finnfund is a Finnish development financier and impact investor. The Fund builds a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. The Fund invests 200–250 million euros in 20–30 companies in developing countries each year. The focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund’s investments, commitments, and investment decisions total about 1.22 billion euros, half of them in Africa. The company has 100 employees based in Helsinki and Nairobi. For more information, please visit www.finnfund.fi