Breaking Barriers: Zsuzsanna Hargitai on Women, SMEs and Leadership in Central Asia
Across Central Asia, the conversation around women’s economic participation has shifted from aspiration to action. From policy-backed financing programmes to changes in how banks assess risk and support entrepreneurs, the landscape is evolving. Few have had as close a view of this transformation as Zsuzsanna Hargitai, Managing Director for SME Finance and Development at the European Bank for Reconstruction and Development (EBRD).
Before taking up her current role, she served as the EBRD Managing Director for Central Asia from May 2021 to May 2024, overseeing operations in Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan and Uzbekistan.
In this wide-ranging interview, Hargitai reflects on women’s leadership in Uzbekistan and the region, the progress made, the gaps that remain and why breaking barriers is a process rather than a finished task.
Based on your experience in Uzbekistan, what are the key priorities the EBRD is pursuing to advance women’s leadership, what tangible results have been achieved so far, and what challenges still need to be addressed?
Hargitai begins by noting that Uzbekistan’s leaders focus on helping women. President Mirziyoyev’s government makes women’s question important and encourages the country to support women’s businesses and safety.
Significant backing has been provided for women in business, including $165.3 mln under the Hamroh programme, which the EBRD transformed into a structured women-in-business initiative. This support encourages women to pursue entrepreneurship, complemented by programs offering micro-mentoring, business advice and training to help turn ideas into viable enterprises.
The EBRD also works through local financial institutions to expand reach across regions and shift mindsets, demonstrating that financing women entrepreneurs is a profitable business segment rather than merely a social responsibility effort. This approach has already produced measurable results.
«EBRD is celebrating 10 years of women in business. I, particularly, take pride in one third of the financing, which is about $300 mln coming to this region. And one third of overall women entrepreneurs that we have supported between Morocco, Mongolia, Egypt and Serbia, they are in Central Asia.»
She attributes this success to collaboration with partner banks, business associations and donors. She hopes Uzbekistan’s government will also contribute public funds to complement EBRD financing.
Despite progress, gaps remain:
«I still would like to have women leadership in banks. And I love my partner financial institutions and their management, but I would like to see more women there, and not just at the CEO position, but in decision-making. Whether this is the supervisory board, whether it’s in the management, risk management, elsewhere.»
She also wants to see women-led companies grow from small to medium-sized, creating visible champions and role models for younger generations.
Are leaders like Saida Mirziyoyeva role models for women in Uzbekistan?
«There are positions that can serve as role models in various segments of life, like in politics. I would like to see role models emerging in the economy. Can you and me imagine that the head of Uzsuvta’minot (an example), one of my favourite clients, would be a woman? I would come back to Uzbekistan to celebrate it.»
What she would personally like to see, she explains, is a stronger focus on showcasing women leaders in economic life. She believes that highlighting women in business as role models has a contagious effect, creating a «can-do» attitude that inspires others. She also underlines the role of the media in helping to bring these profiles to a wider audience.
What makes Central Asian women unique? Why is women’s entrepreneurship growing so fast here?
Drawing on her experience in South Eastern Europe and Central Asia, Hargitai describes Central Asian women as exceptionally hard-working, patient and persistent. She notes that they tend to be less impulsive and more focused, maintaining steady effort over time.
While intelligence is not unique to the region, she says this combination of hard work and perseverance stands out and should shape how support programmes are designed. Rather than short bursts of activity, she believes support should focus on steady, sustained growth that matches this mindset.
What projects is the EBRD currently implementing to support women, and what results they deliver?
Hargitai says the EBRD supports women entrepreneurs through three main channels. The first focuses on the SME ecosystem, including the Women Entrepreneurs Finance Initiative (We-Fi) Code, implemented in cooperation with financial regulators such as the Central Bank of Uzbekistan and partner banks. Launched at the Senate, the initiative encourages data collection and helps financial institutions view women’s entrepreneurship as a viable business segment rather than a social policy.
The second channel is broad outreach through partner banks across the country. What was once considered a niche has become a recognised market, with institutions such as Universal Bank, Ipak Yuli, Ipoteka and others adapting lending practices and advisory services to better serve women-led businesses.
The third area, which she says requires further work, is the identification and support of high-growth women-led companies. Hargitai wants to see more enterprises scale from annual revenues of about $150,000 to $1 mln and beyond, supported by multi-year business advice. Programs like the EBRD’s Blue Ribbon initiative and risk-sharing deals with banks such as Hamkor offer bigger loans and advice. A new tech start-up program will also support women-led fintech and edtech businesses
Hargitai adds that deeper, practical networking beyond social media is increasingly important. While she cannot provide an exact figure for Uzbekistan, she says around $350 mln has been invested across Central Asia and Mongolia so far, with a further $300–350 mln planned over the next three to four years, though demand may exceed that level.
Do you believe financial support and financial independence are important for reducing gender inequality?
Hargitai argues that financial independence takes different forms, from salaried employment to entrepreneurship, and that not all women will or should follow the same path. She also emphasises the importance of jointly registered family property and gainful employment as foundations for equality.
«The shared responsibility and the discussion about it, it is as important, I think, as financial independence. Care facilities, whether it’s kindergarten, whether it’s the after-school activity, is an absolute must.»
Care facilities are essential to supporting both women’s careers and family life.
Is education one of the key pillars for women’s empowerment?
«Absolutely,» Hargitai responds. She reflects on how early education shapes perceptions of gender roles and argues that change should begin as early as kindergarten. She also stresses the importance of teaching children, especially girls, what entrepreneurship really means, including basic financial literacy.
She believes education should go beyond traditional subjects to include understanding how money is earned, how businesses work and what taxes are for. Universities, she adds, should foster start-up culture, encouraging students to launch ventures alongside their studies.
EBRD set a goal in 2021 for around 40% of bank activities to take gender into account. Has the focus shifted since then?
Gender equality, Hargitai says, remains a core EBRD strategic priority under its new five-year plan approved in 2025. Alongside green finance and resource efficiency, equal opportunities and human capital development continue to be central.
She explains that the 40% target is not being increased, but maintained, recognising the need to balance multiple strategic goals.
«Our 40% target is as much about supporting women entrepreneurship with knowledge and financing, as it is about making sure that in public services. Whether it’s public transport or as well, you also have equal opportunities. And also relates to employment opportunities with our client companies, so that they achieve these targets.»
What difficulties does EBRD face in implementing these projects in Central Asia and Uzbekistan?
One challenge is addressing equal opportunities in traditionally male-dominated sectors, particularly in the public sector. The pool of qualified women is smaller, she admits, requiring additional effort from employers and investment in supportive infrastructure.
With banks, sustained dialogue and data have been key to demonstrating that investing in women entrepreneurs and associated advisory services delivers financial returns.
«It took a lot of discussion and statistical data to convince our counterparts that it’s worth investing in [women]. That’s why it’s not just a big political goal or corporate social responsibility. It’s about the development of the country and making business. Yes, it’s really hard to make our men in leadership believe that women also have it in them to lead, to inspire, to do what they can do as well.»
How can women break through the glass ceiling? What could you advice?
«You don’t break the glass ceiling alone. That glass needs to be broken from both sides,» Hargitai says.
She believes it must be challenged from both sides, with women adapting without losing themselves and with champions in leadership willing to support change. Identifying at least one influential supporter, she argues, can make a decisive difference.
Can gender-based violence be reduced to match lower European rates?
Hargitai is clear that this is not an area of EBRD expertise, but welcomes recent legal changes in the region. She stresses that laws are only as effective as their implementation and understanding by courts.
She notes that EBRD projects can contribute indirectly, for example by designing public transport that enhances women’s safety or infrastructure that reduces everyday risks, while acknowledging that broader societal change requires sustained effort.
As the interview concludes, one message is clear: progress on women’s economic empowerment in Central Asia is real, measurable and accelerating, but the work is far from finished. For Hargitai, breaking barriers is not a single achievement, but a continuous process shaped by policy, finance, education and, above all, people willing to push change forward.
EBRD’s Mission in Numbers
Total investment in Uzbekistan – $6.5 bn
Projects in Uzbekistan – 193
Pojects in Central Asian and Mongolia – 1233
Total investment – $24.6 bn
