During his visit, Thunell met with Rustam Azimov, First Deputy Prime Minister and Minister of Finance of Uzbekistan, and discussed opportunities to expand cooperation. They signed a cooperation agreement establishing a new framework for assessing the impact of regulations affecting Uzbek businesses.

Thunell signed a US$3 million loan for Uzbek Leasing International A.O., the first leasing company established in Uzbekistan and an existing IFC client. This loan will enable the company to expand financing options for micro and small businesses.

Thunell also met with the management of Hamkor Bank, a leading private bank in Uzbekistan and an existing IFC client, to learn about conditions in the banking industry and to discuss new IFC financing for the bank.

"IFC is working with the government to improve business conditions and make financing more accessible in Uzbekistan," Thunell said. "Access to credit will help companies expand their businesses, create jobs, and help more people own homes."

Since 1994, IFC has invested US$55 million in 14 projects in Uzbekistan’s food processing, construction materials, banking, and leasing industries. IFC’s current portfolio is worth about US$6 million, most of which is invested in Asaka Bank, ABN AMRO Bank NB Uzbekistan, Hamkor Bank, Parvina Bank, and Uzbek Leasing International.

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed US$8.2 billion and mobilized an additional US$3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.