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- EBRD providing a loan of up to US$ 25 million to SQB
- Latest loan under EBRD’s Youth in Business programme
- Funds will help to support youth-led businesses in Uzbekistan
Micro, small and medium-sized enterprises (MSMEs) in Uzbekistan that are led or owned by young entrepreneurs will have more opportunities to grow thanks to a US$ 25 million (€21.9 million) loan provided to SQB, the country’s second-largest financial institution, by the European Bank for Reconstruction and Development (EBRD).
This loan is being provided under the EBRD’s Youth in Business programme in Central Asia for on-lending to MSMEs led or owned by individuals under the age of 35.
SQB will use these funds to increase the scope of its financial products and target young entrepreneurs in Uzbekistan. Young business leaders are particularly important in Central Asia’s most populous country, where young people account for up to 27 per cent of the population.
Eligible sub-borrowers will also benefit from training, advisory services and networking opportunities offered through the Bank’s Advice for Small Businesses programme.
A recent market assessment conducted by the EBRD in Central Asia reveals that while many young people across the region have a strong entrepreneurial mindset, very few have access to the same economic opportunities as older individuals. Indeed, only around 10 per cent of them have access to the necessary training and professional expertise.
The Bank has invested almost €5.6 billion in Uzbekistan to date across 174 projects, with most of the funds supporting private entrepreneurship. The country has been the leading recipient of EBRD funding in Central Asia for the past five years.