Tashkent, Uzbekistan, November
29, 2013—IFC, a member of the World Bank Group, will provide a loan
of $7.5 million to Hamkorbank to help it improve access to finance for
micro and small enterprises in Uzbekistan, creating much-needed jobs and
boosting the economy.
The investment is part of IFC’s efforts in Uzbekistan to support private-sector
development and encourage economic growth by ensuring small businesses
get the financing they need to expand.
“We welcome IFC’s support and
long-lasting cooperation in expanding access to finance in Uzbekistan,”
said Ikram Ibragimov, Chairman of the Supervisory Board of Hamkorbank,
“This is a sign of the bank’s solid strategy and its commitment to further
Since 2001, IFC has provided
Hamkorbank with around $10 million in debt and equity finance. IFC has
also provided the bank with advisory support that has helped the bank to
develop prudent risk management practices, build capacity to finance agricultural
investments, and develop a strong corporate governance system.
“It is critical to meet the
unfulfilled financing demand of small businesses in Uzbekistan, which are
a key driver for economic growth and employment,” said Aftab Ahmed, Director
of IFC’s Global Financial Markets Department for Europe, Central Asia,
the Middle East and North Africa. “Long-term partnerships with local private
banks allow us to channel much-needed finance to local small businesses
in remote areas of the country and promote best practices across the entire
banking sector of Uzbekistan.”
Uzbekistan became a member of
IFC in 1993. Since 1996, IFC has invested $94 million to support 27
private sector projects in the financial, agribusiness, and food sectors.
IFC, a member of the World Bank
Group, is the largest global development institution focused exclusively
on the private sector. Working with private enterprises in more than 100
countries, we use our capital, expertise, and influence to help eliminate
extreme poverty and promote shared prosperity. In FY13, our investments
climbed to an all-time high of nearly $25 billion, leveraging the power
of the private sector to create jobs and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
Joint-Stock Commercial Bank Hamkorbank
is a private mid-sized regional bank in Uzbekistan. Originally established
as a regional bank in Andijan in the Fergana Valley in 1991, the bank has
been transforming into a nation-wide financial institution, offering MSME
loans, consumer loans, leasing, and trade finance products. It has a nationwide
network of 28 full-service branches for consumer transactions. For more
information, please visit www.hamkorbank.uz.