The International Finance Corporation (IFC) has announced the allocation of a $10mn loan to Ipak Yuli Bank in Uzbekistan for onlending to small and medium sized enterprises (SMEs) and the promotion of inclusive economic growth.
The funds are set to allow the bank to expand its lending portfolio and provide much-needed financing to smaller businesses. Lending will more specifically be targeted at women-owned SMEs to promote gender equality and women's economic empowerment.
"We are grateful for IFC's support in expanding our lending activities to SMEs and women-owned SMEs especially," said Saidabror Saydakhmedov, chairman of the management board of Ipak Yuli Bank. "This loan will enable us to provide the necessary financial resources and support to these businesses, helping them grow, create jobs, and contribute to the overall development of Uzbekistan."
Founded in 1990, Ipak Yuli Bank is a universal commercial bank. It has 17 branches and 46 banking express centres across eight regions of Uzbekistan.
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