EMGA secures $30 million for Uzbek bank to boost SMEs

On December 1, 2024, in Uzbekistan, Emerging Markets Global Advisory LLP (EMGA) successfully completed its inaugural transaction in the country by securing a financing agreement for US$ 30 million with the OPEC Fund for International Development. This funding marks a significant milestone as it supports Ipak Yuli Bank, the first private bank in Uzbekistan to partner with the OPEC Fund. The Chairman of Ipak Yuli Bank, Mr. Saydakhmedov Saidabror, expressed that this partnership is essential for promoting the development of the Micro, Small, and Medium-Sized Enterprises (MSME) sector in Uzbekistan, reflecting a shared commitment with OPEC in fostering entrepreneurship. The financing is particularly aimed at enhancing access to financial resources for MSMEs, including those led by women. In light of challenging global economic conditions, EMGA's Head of Investment Banking and Managing Director Sajeev Chakkalakal emphasized the importance of this transaction in supporting Ipak Yuli’s vision of empowering SMEs. The OPEC Fund President, Abdulhamid Alkhalifa, reinforced the partnership's intent to facilitate growth within Uzbekistan’s private sector and improve the financial landscape for local businesses, ultimately contributing to sustainable economic growth and community well-being. Ipak Yuli Bank offers a comprehensive range of banking services, from credit operations to project financing and stock market dealings, positioning it as a vital player in the region's financial stability and development. The OPEC Fund, established in 1976, is recognized for its global mandate to provide financing for development projects in low and middle-income countries, having committed over US$ 27 billion to such initiatives across more than 125 countries. The agreement not only diversifies Ipak Yuli’s funding sources but also signals future opportunities for collaboration between EMGA and the OPEC Fund in supporting the economic transformation of Uzbekistan. As the OPEC Fund continues its efforts to enhance the private sector, this partnership is expected to open doors for further investments and financial support for businesses in the region, addressing pressing economic needs and fostering an inclusive financial ecosystem.