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Tashkent, Uzbekistan, December 15, 2014
– IFC, a member of the World Bank Group, is helping financial institutions and leasing companies in Uzbekistan expand their agri-leasing portfolios to make it easier for farmers to buy new equipment, boosting productivity and supporting economic development.
Today IFC and the Uzbekistan Lessors’ Association are bringing together more than 25 representatives of leading leasing companies and financial institutions to learn how to better manage the financial risks associated with leasing operations.
“By introducing sound risk-management practices in agri-financing, financial institutions and leasing companies can build healthy and financially stable portfolios, offer farmers and entrepreneurs better services, and play an important role in boosting the agricultural sector in Uzbekistan,” said Zafar Mustafaev, General Director of the Uzbekistan Lessors’ Association. “This new collaboration with IFC will enable our association to increase its support for financial institutions to strengthen their portfolio performance and expand lending of the agricultural sector.”
Adkham Egrashev, IFC Project Manager, said: “Agriculture plays an important role in the economy of Uzbekistan, employing about a quarter of the workforce. Through this project IFC will encourage financial institutions and supply chain aggregators to target and service more farmers and agri-businesses, boosting output and profitability.”
This initiative is part of IFC'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 Finance.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
.
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For more information about Uzbekistan Lessors Association, visit
www.ula.uz
.
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