Tashkent, Uzbekistan, November 10, 2006
— International Finance Corporation, the private sector arm of the
World Bank Group, today signed an agreement to provide additional financing
of $3 million and a technical assistance package to Joint-Stock Commercial
Bank Hamkorbank, supporting the expansion of the bank’s lending to private
small and medium size businesses.
The financing is expected to promote further private sector development
in Uzbekistan. Small and medium enterprises are important sources of job
and economic activity, and Hamkorbank is the largest privately owned bank
in the country.
Jyrki Koskelo, IFC’s Director for Global Financial Markets, said, “We
are delighted to continue our investment in Hamkorbank, which is one of
the key private sector players in Uzbekistan’s financial sector and is
committed to providing much needed financial services to a greater number
of smaller businesses.”
Ikrom Ibragimov, Chairman of the Board of Hamkorbank, said, “We value
very highly IFC’s long term, strategic partnership. This is our
second credit line with IFC in six years. The first had an important
role in developing the small and medium enterprise sector in our region,
and we expect this new financing will help further develop not only this
sector but the economy as a whole.”
Shahbaz Mavaddat, IFC’s Director for Southern Europe and Central Asia,
said, “We are particularly pleased that our investment and technical assistance
will help Hamkorbank further develop its business in one of the less privileged
parts of the region and are hopeful this will contribute to Uzbekistan’s
further development.”
Hamkorbank, originally founded as a regional bank in the Fergana Valley,
a densely populated region with a relatively high level of poverty, is
transforming into a nationwide financial institution, offering small and
medium enterprise loans, as well as micro loans, consumer loans, and leasing
products.
About IFC
The International Finance Corporation, the private sector arm of the World
Bank Group, is the largest multilateral provider of financing for private
enterprise in developing countries. IFC finances private sector investments,
mobilizes capital in international financial markets, facilitates trade,
helps clients improve social and environmental sustainability, and provides
technical assistance and advice to businesses and governments. From its
founding in 1956 through FY06, IFC has committed more than $56 billion
of its own funds for private sector investments in the developing world
and mobilized an additional $25 billion in syndications for 3,531 companies
in 140 developing countries. With the support of funding from donors, it
has also provided more than $1 billion in technical assistance and advisory
services. For more information, visit www.ifc.org
About Hamkorbank
Joint-Stock Commercial Bank Hamkorbank is a licensed commercial bank headquartered
in Andijan, a northeastern town in Uzbekistan. The bank, established
in 1991, has a nationwide network of 24 full-service branches and 41 mini-branches
that function as teller and cashier for consumer transactions (such as
utilities payments, money transfers, and deposits in remote areas). Hamkorbank
provides a full range of domestic and international services to small and
medium enterprises and individual entrepreneurs including lending, international
and national payment services and current accounts management.
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