ADB to support small and medium-sized enterprises in Uzbekistan with $100 million

The Asian Development Bank (ADB) has authorized a $100 million loan to promote small and medium-sized firms (SMEs) in Uzbekistan, with the goal of stimulating the country’s economic growth.

The ADB SME development program aims to improve the entrepreneurial climate, stimulate private sector growth, and make businesses more resilient to future economic shocks.

This effort is a continuation of a previous sub-program and builds on the government’s previous phase’s political, regulatory, and institutional changes.

“SMEs will play a crucial role in promoting economic diversification and providing value,” Eugene Zhukov, ADB’s General Director for Central and West Asia, said.

The ADB initiative will help the government of Uzbekistan solve significant difficulties faced by SMEs, including access to finance. It will provide financial assistance, expedite regulatory procedures, and lower administrative barriers, increasing trade competitiveness and creating job prospects, particularly for women and youth.