Tashkent, Uzbekistan (UzDaily.com) -- The OPEC Fund for International Development (OPEC Fund) has signed a US$30 million private sector loan agreement with the Joint Stock Commercial Mortgage Bank “Ipoteka Bank”. 

The loan will be used for on-lending to small- and medium-sized enterprises (SMEs) in Uzbekistan and support the bank’s pre-privatization efforts to shift to a more commercially viable and competitive business model. 

“This agreement between Ipoteka Bank and the OPEC Fund will provide more support to small and medium-sized businesses in our country and help with creation of new job places through the further development of small and medium-sized entrepreneurship in various sectors of economy” said Elyor Inomjonov, Chairman of the Management Board of JSCMB Ipoteka Bank.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “We are pleased to work with Ipoteka Bank to support Uzbekistan’s micro, small and medium-sized enterprises. Making up nearly 80 percent of the country’s workforce, they are particularly significant for post COVID-19 recovery. Our loan will also contribute to greater efficiency and competitiveness of the bank and further expand its lending to SMEs.”

The OPEC Fund and Uzbekistan have been development partners for more than two decades. The organization has to date committed funding to various sectors including banking, energy, agriculture, transportation and education.