Uzbekistan Leads Region with We-Finance Code Supporting Women Entrepreneurs

The Central Bank of Uzbekistan has reviewed the first year of implementing the We-Finance Code initiative. Uzbekistan is the first country in the region to introduce a National Regulation on the «Financial Code for Women Entrepreneurs.»

In 2024, a memorandum of understanding was signed between EBRD President Odile Renaud-Basso and Chair of the Senate of Uzbekistan Tanzila Narbaeva. The agreement included the We-Finance Code, with the Central Bank of Uzbekistan appointed as the coordinator. The initiative provides women entrepreneurs with access to grants and international training programmes.

Central Bank has now implemented all core measures and created a national framework to institutionalise support for women in business. The regulation was developed in partnership with the EBRD and consultancy ConsumerCentriX.

According to Deputy Chairman of the Central Bank Ayubkhon Kamalov, a national coalition of 17 organisations has been established, including banks such as Agrobank, AloqaBank and SQB, as well as microfinance institutions and associations. These members have pledged to adopt the We-Finance Code, committing to financial and non-financial measures that expand women’s access to financial services.

«Commitments are the key condition for participation in the initiative and are designed to expand opportunities for women entrepreneurs through measurable results and practical action,» Kamalov said.

New participants such as Hamroh and the Chamber of Commerce and Industry of Uzbekistan have also joined.

Consultant to the Presidential Administration and head of the Hamroh programme, Nozima Davletova, said the project helps women who often run businesses without basic training.

«This is a milestone that reflects genuine progress in building a more inclusive economy where women gain access to the tools and opportunities they deserve,» said EBRD country head Andi Aranitasi. «We are creating an environment in which women can thrive not only through financing but also through systemic support, training and mentoring.»

The Women Entrepreneurs Finance Initiative (We-Fi Code) is a global effort launched at the G20 summit in Hamburg in 2017 on the proposal of Ivanka Trump. It was officially introduced at the World Bank and IMF Annual Meetings in October 2023 and is currently being implemented in 30 countries.