On February 10, 2025, Ipak Yuli Bank secured a $100 million loan from FMO, the Dutch entrepreneurial development bank, to support the growth and development of small and medium-sized businesses (SMEs) in Uzbekistan.

The signed agreement will allow the bank to actively finance projects in the small and medium-sized business sector, support initiatives aimed at improving energy efficiency and developing renewable energy sources, and allocate funding to expand the activities of young and female entrepreneurs in the country. As part of the ongoing cooperation program, the allocated loan funds are provided in a multi-currency format, allowing access to the loan in both U.S. dollars and the national currency.

“We are proud of this new senior long-term loan investment with Ipak Yuli Bank, an FMO client since 2013. We have seen the bank develop to a strategic partner with a focus on sustainable finance and financial inclusion. With the loan being used to fund eligible green projects and young and female entrepreneurs in Uzbekistan, the investment is well aligned with FMO’s Reducing Inequalities and Climate Action goals. We thank Ipak Yuli Bank and all its staff for the great cooperation.” stated Huib-Jan de Ruijter, Co-CIO at FMO.

“This agreement is an important step in strengthening the cooperation between our banks, aimed at supporting the expansion of financing for both green projects and initiatives aimed at reducing inequalities, including projects such as micro enterprises, youth-owned SMEs, and women-owned or women-led SMEs. With these resources, the bank will further contribute to the creation of new jobs, particularly in enterprises led by young entrepreneurs and women.” stated Saidabror Saydakhmedov, Chairman of the Management Board of Ipak Yuli Bank.

Ipak Yuli Bank's partnership with FMO commenced in 2013 with the provision of a $13 million loan facility designed to support the development of SMEs and private entrepreneurship in the country. Since that time, seven additional loan agreements have been executed, bringing the cumulative loan amount to $191 million.

About FMO

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more information: please visit www.fmo.nl.