Tashkent, Uzbekistan, January 21, 2015
- The World Bank Group is helping Uzbek banks improve agri-financing
operations and offer better and more diversified financial services to
local farms and agri-businesses, contributing to economic growth and shared
As part of this effort, IFC, a member of the World Bank Group, today is
conducting a two-day workshop for Hamkorbank’s representatives. The event
focuses on practical aspects of agri-leasing operations and includes sessions
on financial analysis of agri-leasing contracts and risks associated with
Agriculture plays an important role in
Uzbekistan’s economy, where half of the population lives in rural areas
and depends on farming or food production for their livelihoods. Despite
the significant financing needs of farmers and agri-businesses, the financial
sector lacks the necessary skills and tools to serve this sizable market.
Olmahon Turajonova, Chair of the Board
of Hamkorbank, said: "We are delighted with our long-running cooperation
with IFC which helped the bank considerably increase its portfolio of agricultural
loans. We will continue our efforts to expand and diversify the range of
services to farmers and agri-businesses in Uzbekistan."
"The training program aims to help Hamkorbank to expand its agri-business
portfolio by including and strengthening agri-leasing operations,"
said Zafar Khashimov, IFC Country Officer. "Through supporting such
banks as Hamkorbank, IFC helps spur access to finance for farmers and businesses
involved in the agricultural sector."
This initiative is part of the World Bank Group Finance & Markets Global
Practice’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
About the World Bank Group
The World Bank Group is one of the world's largest sources of funding and
knowledge for developing countries. It comprises five closely associated
institutions: the International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA), which together
form the World Bank; the International Finance Corporation (IFC); the Multilateral
Investment Guarantee Agency (MIGA); and the International Centre for Settlement
of Investment Disputes (ICSID). Each institution plays a distinct role
in the mission to fight poverty and improve living standards for people
in the developing world. For more information, please visit .www.worldbank.org
About the Finance and Markets Global Practice
The Finance & Markets Global Practice aims to help countries build
deep, diversified, inclusive, efficient and stable financial systems which
are essential to promoting economic growth and reducing poverty and increasing
shared prosperity. The practice is committed to delivering public and private
sector tailored solutions to development challenges by leveraging the whole
range of the Bank Group's financial, knowledge/advisory and convening services
for clients. In doing so, the practice not only partners with the broader
World Bank finance team (IFC, WB, MIGA and WB/IFC Treasuries) but also
acts as an enabler for all of the other GPs and Cross-Cutting Groups.
As a joint World Bank -IFC practice, the Finance & Markets Practice
brings together the World Bank's knowledge, finance (loans, credits, guarantees,
risk management products), and convening services, and IFC advisory at
the industry and public sector level into a single suite of development
solutions for our clients and the global community to support reaching
the twin goals of eliminating extreme poverty and promoting shared prosperity.
Today, this suite of financial solutions is in excess of US$10 billion
in current and pipeline engagement commitments. The Global Practice has
an ongoing portfolio of about 400 knowledge activities (with costs up to
$73 million) and 98 IFC advisory services (valued at $136 million).
For more information about Austrian Ministry of Finance, visit https://english.bmf.gv.at.
For more information about Hamkorbank, visit www.hamkorbank.uz