Tashkent, Uzbekistan, December 15, 2014
– IFC, a member of the World Bank Group, is helping financial institutions
and leasing companies in Uzbekistan expand their agri-leasing portfolios
to make it easier for farmers to buy new equipment, boosting productivity
and supporting economic development.
Today IFC and the Uzbekistan Lessors’ Association
are bringing together more than 25 representatives of leading leasing companies
and financial institutions to learn how to better manage the financial
risks associated with leasing operations.
“By introducing sound risk-management practices in agri-financing, financial
institutions and leasing companies can build healthy and financially stable
portfolios, offer farmers and entrepreneurs better services, and play an
important role in boosting the agricultural sector in Uzbekistan,” said
Zafar Mustafaev, General Director of the Uzbekistan Lessors’ Association.
“This new collaboration with IFC will enable our association to increase
its support for financial institutions to strengthen their portfolio performance
and expand lending of the agricultural sector.”
Adkham Egrashev, IFC Project Manager, said: “Agriculture plays an important
role in the economy of Uzbekistan, employing about a quarter of the workforce.
Through this project IFC will encourage financial institutions and supply
chain aggregators to target and service more farmers and agri-businesses,
boosting output and profitability.”
This initiative is part of IFC's Central Asia Agri-finance Project, which
aims to develop a set of agri-financing tools and training programs for
financial institutions, aggregators, and farmers in the Kyrgyz Republic,
Tajikistan, and Uzbekistan. The project is supported by funds from the
Austrian Federal Ministry of Finance.
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 about 100 countries, we use
our capital, expertise, and influence to help eliminate extreme poverty
and boost shared prosperity. In FY14, we provided more than $22 billion
in financing to improve lives in developing countries and tackle the most
urgent challenges of development. For more information, visit www.ifc.org.
For more information about Austrian Ministry
of Finance, visit https://english.bmf.gv.at.
For more information about Uzbekistan Lessors Association, visit www.ula.uz.