Advancing financial inclusion for SMEs in Uzbekistan

ILX participated with a loan originated by ADB to one of the largest banks in Uzbekistan. The bank is undergoing a multi-year transformation as part of Uzbekistan’s banking sector reform agenda and planned privatisation.

The transaction supports the bank’s new MSME Strategy under its 2026-2028 transformation plan, with proceeds directed towards on-lending to MSMEs, including at least 30% to women-owned businesses. MSMEs account for a significant share of Uzbekistan’s economy but remain underserved by the banking sector, resulting in an estimated 11.8 billion financing gap. The transaction addresses this gap by increasing access to finance through an expansion of lending beyond Tashkent to regions currently underserved. Additionally, the investment is aligned with the mitigation and adaptation goals of the Paris Agreement, reflecting the low-emission profile of MSME financing while strengthening the bank’s approach to climate risk management through enhanced E&S systems.