Women entrepreneurs in Uzbekistan will benefit from Davr Bank becoming one of the first banks in the country and in Central Asia to join the Women in Business (WiB) initiative of the European Bank for Reconstruction and Development (EBRD).
"Really excited about this new partnership with Davr Bank to support women entrepreneurship in Uzbekistan!" commented EBRD Director Gender & Economic Inclusion Barbara Rambousek.
Promoting women's participation in business
The programme promotes women’s entrepreneurship and participation in business by assisting with access to finance, know-how and technical advice.
The Women in Business in Uzbekistan is supported by donor funding from the Women Entrepreneurs Finance Initiative (We-Fi) and the EBRD’s Small Business Impact Fund Italy, Japan, Korea, Luxembourg, Norway, Sweden, Switzerland, Taipei China and the USA).
Enhancing services offered to women-led businesses
The EBRD is providing a financing package of up to US$ 5 million to Davr Bank, a privately owned financial institution established in Uzbekistan in 2001. The funds of up to US$ 2 million will be used to support women-led businesses and up to US$ 3 million be channelled to facilitate lending to micro, small and medium-sized companies.
The funds will be disbursed either in US dollars or in Uzbek som, with the latter option designed to protect small and medium-sized enterprises (SMEs) from foreign currency exchange-related risks.
The initiative will also provide technical support to financial institutions like Davr Bank to enhance the services they offer to women-led businesses.
Providing mentoring, training and coaching
Uzbekistan’s SMEs, many of which are owned or managed by women, represent a significant share of private sector companies in the country and currently generate around 50 per cent of GDP.
The Women in Business programme also includes advisory service projects alongside training, mentoring and longer-term coaching to provide women entrepreneurs with the know-how, skills and confidence to take the next step in growing their businesses.
To date, the EBRD has invested €1.8 billion through 79 projects in Uzbekistan’s economy.
Winner of the EBRD's Women in Business award in Uzbekistan
Matlyuba Madaminova [pictured above] won the EBRD's Women in Business award in Uzbekistan for best leadership during COVID-19.
"Students of her school never missed a class because of coronavirus, thanks to the foresight of this female entrepreneur," reported the EBRD.
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