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OPEC Fund loan will expand access to finance for local businesses in Uzbekistan
October 11, 2022: The OPEC Fund for International Development is providing a US$30 million loan to Uzpromstroybank, Uzbekistan’s second largest bank, to support local small- and medium-sized enterprises (SMEs), the key drivers of economic activity and employment in the Central Asian republic.
In Uzbekistan 90 percent of all businesses are SMEs, representing 55 percent of GDP and 75 percent of employment. Uzpromstroybank’s strategy aims to boost its lending to that segment from currently 4,600 SMEs to 7,500 businesses in 2023.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said:
“We are pleased to support SMEs in Uzbekistan and provide local businesses with increased access to finance through our partner Uzpromstroybank. With this loan we are promoting inclusive and sustainable economic development and creating employment opportunities.”
Annaklichev Sakhi, Chairman of the Management Board of Uzpromstroybank, added:
“The OPEC Fund and Uzpromstroybank have been cooperating since 2020 when we closed our first financing facility in the amount of US$20 million to provide trade finance for SMEs. This new agreement will further expand the capabilities of Uzpromstroybank in providing financial services to small and medium-sized enterprises, which is an important factor in economic growth and the creation of new jobs.”
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.