Vienna, Austria – November 25, 2024: Ipak Yuli Bank is proud to announce the signing of a US$30 million loan agreement with the OPEC Fund for International Development. The loan will be used to expand access to financing for micro, small, and medium-sized enterprises (MSMEs) in Uzbekistan, including businesses owned by women. This marks the first direct loan from the OPEC Fund to a private bank in Uzbekistan, highlighting the importance and uniqueness of this partnership.

OPEC Fund President Abdulhamid Alkhalifa said: “Our partnership with Ipak Yuli Bank reflects our targeted approach to support Uzbekistan’s private sector transformation. By facilitating access to finance for businesses, including those led by women, we are helping unlock their potential to contribute to the country’s sustainable economic growth. This partnership is not just about financing—it is about supporting a more dynamic and inclusive private sector that fosters economic opportunities and enhances the well-being of communities across Uzbekistan.”

This loan agreement will enable Ipak Yuli Bank to significantly increase its support for MSMEs, which are the backbone of Uzbekistan's economy, accounting for 54% of the country's GDP and employing 78% of the workforce. As a result of this collaboration, thousands of micro, small and medium-sized enterprises will gain access to much-needed financial resources for growth, stimulating innovation, job creation, and sustainable economic development.

About the OPEC Fund:

The OPEC Fund is a global development institution that provides financing exclusively from its member countries to non-member countries. Established in 1976, it works with partners to promote economic growth and social progress in low- and middle-income countries. To date, it has committed over US$27 billion to projects in 125 countries, with a vision of achieving sustainable development worldwide.