Tashkent, Uzbekistan (UzDaily.com) -- The European Bank for Reconstruction and Development (EBRD) is supporting micro, small and medium-sized businesses and improving access to finance for young entrepreneurs in Uzbekistan by providing a financial package of up to US$20 million (€18.8 million) to a major private lender, Ipak Yuli Bank.

The package consists of a US$10 million loan under the EBRD’s Youth in Business (YiB) programme and a US$10 million loan earmarked for supporting small businesses in Uzbekistan. Ipak Yuli Bank has become the latest financial institution in the country to join the YiB, which is designed to boost youth entrepreneurship and employment in Central Asia.

In addition to financial support, eligible small firms will be able to develop their entrepreneurial skills through training, advisory services and networking opportunities provided by the Bank’s Advice for Small Businesses programme.

Uzbekistan is the leading recipient of EBRD funding in Central Asia for the fourth year in a row. To date, the Bank has invested around €4.44 billion in 154 projects across the country, with most of those funds supporting private entrepreneurship.