Tashkent, Uzbekistan, November 28, 2012—IFC,
a member of the World Bank Group, and the Central Bank of the Republic
of Uzbekistan are partnering to strengthen the country’s financial infrastructure
and expand access to finance for entrepreneurs and smaller businesses.
The two institutions will develop laws
that allow companies to use movable assets – including inventory, accounts
receivable, and equipment – as collateral for loans. That will make it
easier for smaller businesses, who may not have traditional collateral
like land, to obtain financing, expand, and create jobs.
“One of Uzbekistan’s main objectives
is to increase access to financial resources based on market principals,
and secured transactions are one tool for doing that,” said Shukhrat Khaydarov,
Deputy Chairman of the Central Bank of Uzbekistan.
“Collateral registries are vital to
increasing access to finance for micro and small enterprises, which are
key drivers of economic growth in Uzbekistan,” said Moazzam Mekan, IFC
Regional Manager for Central Asia. “IFC will continue supporting the government’s
efforts to develop a well-functioning secured lending framework in Uzbekistan”.
IFC hosted a conference on regulating
secured transactions and collateral registries in Tashkent earlier this
week. The event brought together more than 100 representatives from the
government, the Uzbek Parliament, state agencies, and local financial institutions.
The initiative is part of IFC’s Azerbaijan
and Central Asia Financial Infrastructure Project which, implemented in
partnership with Switzerland’s State Secretariat for Economic Affairs
(SECO), aims to strengthen the financial infrastructure in Uzbekistan.
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: www.swiss-cooperation.admin.ch/centralasia/