The Asian Development Bank (ADB) has approved a $300 mln loan, including $100 mln on concessional terms, to support the Uzbek government’s efforts to improve access to finance for underserved micro, small, and medium enterprises (MSMEs), with a particular focus on women-led businesses, and to strengthen the country’s microfinance sector. The policy-based loan aims to foster inclusive economic growth and entrepreneurship.
Expanding Inclusive Finance
The second phase of the programme will build on reforms initiated under Subprogramme 1 of the Inclusive Financial Sector Development Programme. Planned measures include raising the maximum microloan size, refining microfinance regulations, joining the international Women’s Entrepreneurship Finance Principles, and establishing a framework for Islamic microfinance. These initiatives are designed to broaden financial opportunities for vulnerable groups and ensure sustainable sector development.
Kanokpan Lao-Araya, ADB Director of the Resident Mission in Uzbekistan, said, «ADB is proud to support Uzbekistan’s transition to a more inclusive, market-oriented financial system. The programme will expand access for self-employed micro-entrepreneurs, promote gender equality, and strengthen consumer protection in the financial sector.»
Strengthening Consumer Protection and Gender Equality
Subprogramme 2 introduces new policies to enhance consumer protection and gender equality in finance. Key initiatives include updating responsible lending guidelines, regulating new financial products such as «buy now, pay later,» and increasing digital financial oversight. Gender-focused reforms will also expand, including gender-disaggregated reporting, policy support, and the establishment of gender quotas in financing.
Evaluation of the National Financial Inclusion Strategy 2021–2023 has shown progress, with 60% of adults now holding accounts in formal financial institutions. Growth has been largely driven by digital financial services, which expand banking access and improve financial literacy.
Transforming Microfinance
The programme also supports structural reforms in the microfinance sector, including the creation of deposit-taking microfinance banks to expand financing access. A regulatory and supervisory framework based on risk assessment is being implemented to ensure financial stability. Two preliminary licences for such banks have already been issued.
Technical assistance is provided to build institutional capacity and ensure the sustainability of reforms. Subprogramme 2 is part of a broader strategy, which includes a proposed Subprogramme 3 (2025–2027) to further strengthen implementation capacity and develop financial sector infrastructure.
This year marks 30 years of partnership between ADB and Uzbekistan. Since joining in 1995, ADB has provided loans, grants, and technical assistance to Uzbekistan’s public sector totalling $14.6 bn. Founded in 1966, the bank now has 69 members, 50 of which are in the Asia-Pacific region, and remains a leading multilateral development bank promoting inclusive, sustainable, and stable growth.
Uzbekistan’s First Lady Ziroat Mirziyoyeva has been named among the 100 most influential women in oncology.
