The European Bank for Reconstruction and Development (EBRD) is increasing support for micro, small and medium-sized businesses in Uzbekistan. The bank doing so by expanding access to green finance under its Green Economy Financing Facility II (GEFF II) programme.
Through GEFF II Uzbekistan, the EBRD will provide a loan of up to $30 mln to Hamkorbank. The funding will help the bank expand energy-efficiency lending to companies and households nationwide. Borrowers will be able to upgrade production processes, cut energy use and strengthen resilience to climate risks.
The financing will be complemented by concessional co-financing from the Canadian government through the High-Impact Partnership on Climate Action. The initiative brings together donors including Austria, Finland, Germany, the Netherlands, Norway, South Korea, Spain, Switzerland, TaiwanICDF, the United Kingdom and the United States.
The EBRD has invested more than $6.6bn in Uzbekistan across 196 projects so far, with most of the funding directed towards private sector development and entrepreneurship.
Kursiv also reports that Hamkorbank will receive a $70 mln loan from the EBRD to support SMEs in Uzbekistan.
