Asian Development Bank (ADB) has approved a loan of $100 million to support small and medium-sized enterprises (SMEs) in Uzbekistan, aiming to stimulate economic growth in the country, TuraNews.kz reports citing UzDaily.uz.
The ADB SME development program is designed to strengthen the entrepreneurial environment, boost private sector growth, and enhance enterprises’ resilience to future economic challenges.
This initiative is a continuation of a previous sub-program and builds upon political, regulatory, and institutional reforms implemented by the government in the previous phase.
Eugene Zhukov, ADB’s General Director for Central and West Asia, remarked, “SMEs will play a significant role in accelerating economic diversification and adding value.”
The ADB program will assist the Uzbekistan government in addressing key challenges faced by SMEs, particularly in accessing financing. It will provide financial support, streamline regulatory processes, and reduce administrative barriers, contributing to the growth of trade competitiveness and improving employment opportunities, especially for women and youth.
Priyanka Sood, ADB’s Chief Specialist in Private Sector Development, noted that these measures encourage the formalization of SMEs, promoting the expansion of the tax base and mobilization of internal resources.
Uzbekistan has been a member of the Asian Development Bank since 1995, and during this time, the bank has provided the country with loans, grants, and technical assistance totaling $10.8 billion.
