The French Financial Development Institute Proparco provided Ipak Yuli Bank with a credit line to support small and medium-sized businesses in Uzbekistan. The financing consists of USD 30 million multi-currency credit line, which is available in both US dollars and Uzbek sums.

By supporting Ipak Yuli, over 70% of whose clients are small and medium-sized enterprises (SMEs), Société de Promotion et de Participation pour la Coopération Economique S.A. (Proparco) provides the Bank with additional resources to develop its activities and thus contributes to the creation of jobs

In addition, Ipak Yuli, which employs 48% women, has adopted a gender policy, and aims to ensure better access for women to its financial products and to strengthen their representation in management teams and senior management. As such, the project has qualified for the 2X Challenge initiative. Finally, 10% of the amount of the credit line will be dedicated to green projects on a best-effort basis.

"We are delighted to be working with Ipak Yuli, a bank that is firmly positioned to finance MSMEs and make a positive impact in Uzbekistan. Its willingness to also develop its green finance activities, following the example of the partnership already initiated with the European Bank for Reconstruction and Development and its energy efficiency program, makes it a key partner in the region for Proparco," said Emmanuel Haye, Deputy Head of the Financial Institutions and Inclusion Division at Proparco.

"This is our first deal with Proparco, and we look forward to establish a long-term and mutually beneficial partnership. Like Proparco, Ipak Yuli aims to support the private sector and increase financial inclusion among SMEs. This credit line will be used to support micro, small and medium businesses, as well as to finance "green" projects in Uzbekistan" noted Saidabror Saidakhmedov, Chairman of the Management Board of Ipak Yuli Bank.

About Proparco

Proparco is the private sector financing arm of Agence Française de Développement Group (AFD Group). It has been promoting sustainable economic, social and environmental development for over 40 years. Proparco provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle-East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health and education. 

Its operations aim to strengthen the contribution of private players to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, Proparco finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services and combating climate change. For a World in Common. 

For further information: www.proparco.fr