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Tashkent, Uzbekistan, November 29, 2013—
IFC, a member of the World Bank Group, will provide a loan of $7.5 million to Hamkorbank to help it improve access to finance for micro and small enterprises in Uzbekistan, creating much-needed jobs and boosting the economy.
The investment is part of IFC’s efforts in Uzbekistan to support private-sector development and encourage economic growth by ensuring small businesses get the financing they need to expand.
“We welcome IFC’s support and long-lasting cooperation in expanding access to finance in Uzbekistan,” said Ikram Ibragimov, Chairman of the Supervisory Board of Hamkorbank, “This is a sign of the bank’s solid strategy and its commitment to further economic growth.”
Since 2001, IFC has provided Hamkorbank with around $10 million in debt and equity finance. IFC has also provided the bank with advisory support that has helped the bank to develop prudent risk management practices, build capacity to finance agricultural investments, and develop a strong corporate governance system.
“It is critical to meet the unfulfilled financing demand of small businesses in Uzbekistan, which are a key driver for economic growth and employment,” said Aftab Ahmed, Director of IFC’s Global Financial Markets Department for Europe, Central Asia, the Middle East and North Africa. “Long-term partnerships with local private banks allow us to channel much-needed finance to local small businesses in remote areas of the country and promote best practices across the entire banking sector of Uzbekistan.”
Uzbekistan became a member of IFC in 1993. Since 1996, IFC has invested $94 million to support 27
private sector projects in the financial, agribusiness, and food sectors.
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 more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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About Hamkorbank
Joint-Stock Commercial Bank Hamkorbank is a private mid-sized regional bank in Uzbekistan. Originally established as a regional bank in Andijan in the Fergana Valley in 1991, the bank has been transforming into a nation-wide financial institution, offering MSME loans, consumer loans, leasing, and trade finance products. It has a nationwide network of 28 full-service branches for consumer transactions. For more information, please visit
www.hamkorbank.uz
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