The International Fund for Agricultural Development, the European Union and Hamkorbank have launched a new initiative aimed at transforming remittances into business opportunities for rural families in Uzbekistan.
The programme targets nearly 4,000 remittance-receiving households and returning migrant workers, helping them access credit and develop small businesses in rural areas.
Under the initiative, remittances sent home by family members working abroad will be used as proof of income through a new credit-scoring model, allowing families without formal credit history to obtain loans.
Pedro de Vasconcelos, manager of IFAD’s Financing Facility for Remittances, said recognising remittances as reliable income...