Tashkent, Uzbekistan, March 7, 2013—IFC,
a member of the World Bank Group, is co-hosting a conference designed to
help strengthen Uzbekistan’s financial sector and make it easier for small
businesses to secure loans.
The event, being held today in partnership
with the Uzbek Parliament and the Central Bank of the Republic of Uzbekistan,
aims to support a government effort to bolster the laws surrounding collateral
registries and secured transaction systems. Both are an important part
of Uzbekistan’s financial infrastructure and can help small businesses
access the financing they need to grow and create jobs.
“A well-organized secured transaction
system plays a significant role in the well-being and further development
of small businesses in Uzbekistan,” said Bahtiyor Yakubov, Vice-Speaker
of the Legislative Chamber of the Uzbek Parliament.
Today, about 80 percent of bank lending
in Uzbekistan is guaranteed by immovable assets, like real estate, something
that many small businesses do not have. Collateral registries allow firms
to use other assets, like accounts receivable and equipment, to secure
“IFC will continue supporting reforms
of secured transaction systems in Uzbekistan in accordance with the best
international practices,” said Arif Nasibov, IFC Project Officer in Uzbekistan.
“This will further economic growth and expand access to finance for small
The event brought together around 150
representatives from the Uzbek Parliament, government ministries, and state
The initiative is part of IFC’s Azerbaijan
and Central Asia Financial Infrastructure Project, which is implemented
in partnership with Switzerland’s State Secretariat for Economic Affairs
(SECO). It aims to strengthen the financial infrastructure in Uzbekistan
by developing secured transaction systems.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
Switzerland’s State Secretariat for Economic Affairs (SECO) is the federal
government center of expertise on all significant issues related to economic
policy. Its main task is to ensure sustainable economic growth by regulating
economic policy. SECO is involved in the provision of measures of support
for reforms in macroeconomic policy, infrastructure programs, and projects
on trade and investment promotion. For additional information, please visit: