The German Development Finance institution DEG and Dutch investment company Triodos Investment Managementacquired additional shares in Ipak Yuli Bank and increased their stake in the Bank's equity capital to 15.59% each.

This transaction is a confirmation of the foreign investors’ confidence  in the ongoing reforms in Uzbekistan and further support for the development of the country, as well as a sign of trust in the stable growth of Ipak Yuli Bank.

The increase of capital was one of the main steps in the implementation of the Bank's Development Strategy 2022- 2024, expanding opportunities to provide a wide range of high quality financial services to micro, SME and individual entrepreneurs in Uzbekistan.

“Starting from first investment in 2020, Ipak Yuli Bank has felt significant support from new foreign shareholders, not only in terms of providing capital, but also in introduction of the best international banking practices and establishing cooperation with new foreign partners. The additional investment once again proved the readiness of our foreign shareholders to support the bank and make a significant contribution to its sustainable development”: said Saidabror Saydakhmedov, Chairman of the Management Board of JSICB Ipak Yuli.

In order to set development goals and determine the strategy for achieving these goals, on the initiative and with the active participation of foreign shareholders, a strategic session of Ipak Yuli Bank was arranged. During the session, the Bank's team, members of the Supervisory Council and representatives of major shareholders conducted a deep analysis of current activities, emerging new challenges and growth potential. As a result of the discussions, taking into account trends in a dynamically developing market and emerging new opportunities, an updated strategy for the development of the Bank for the medium term was prepared.

“DEG´s initial equity investment in 2020 in Ipak Yuli Bank was a logic step following a long-standing cooperation with Ipak Yuli Bank. Since then the relationship has fostered in many aspects. The bank performing very well in business terms and is a front-runner in corporate governance and in addressing environmental and social aspects with its clients. With participating in the capital increase and also increasing DEG´s stake we are happy to support the bank further on its growth path and outreach to even more yet underserved clients”, said Mrs. Monika Beck, member of DEG’s Management Board. 

“We are pleased with the progress realised by Ipak Yuli since our first equity investment in 2020, which is reflected  by business growth and institutional capacity development. At the same time, we see the need for additional capital given the dynamic growth of the market and unmet demand for financial services faced by private sector entrepreneurs”, says Rosanna Sarkeyeva, Head of ECCA region at Triodos IM and shareholder representative at JSICB Ipak Yuli.

DEG

For 60 years, DEG has been financing and advising private enterprises operating in developing and emerging-market countries. With a portfolio of around EUR 9.2 billion we’re one of the world’s largest private-sector development financiers. As an impact and climate investor we accompany companies that are addressing transformation and aiming to seize their opportunities. Our customers not only receive financing and advisory solutions tailored to their needs: they can build on our market knowledge, our impact and climate expertise and our international network. In this way, we contribute together to creating more skilled jobs and local income and to improving value creation on the ground in line with the SDGs.

Read more : www.deginvest.de

Triodos Investment Management

Triodos Investment Management (Triodos IM) connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that. In doing so, Triodos IM serves as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane. It has built up in-depth knowledge throughout 25+  years of impact investing in sectors such as Energy & Climate, Financial Inclusion and Sustainable Food & Agriculture, and also invests in listed companies that materially contribute to the transition toward a sustainable society. Triodos IM is a globally active impact investor with 750+ investments in over 50 countries with EUR 5.7 billion in assets under management (as per end of June 2022). It is a wholly owned subsidiary of Triodos Bank NV, which was founded in 1980 and is a leading expert in sustainable banking.

Read more: www. triodos-im.com