From confidence to success: how We Fi and the EBRD support women entrepreneurs

In 2024, Eliza Kurbaeva launched the Elizabeth Guest House in the small town of Kerben, in the southern Kyrgyz Republic, to help promote local tourism.

To transition from a startup to a scalable business, she joined the EBRD MicroMentor platform and was paired with an adviser named Ken Larson. Alongside the EBRD Women in Business mentorship programme which offers a seven-month one-to-one mentoring experience – the Bank, the Women Entrepreneurs Finance Initiative (We‑Fi) and other donors introduced the MicroMentor online platform in 2023, connecting entrepreneurs across the Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan with experienced mentors.

Through regular email consultation, Ken provided guidance on scaling operations, attracting international travellers and refining service standards.

“Connecting with Ken gave me practical expertise and clear direction,” says Eliza. “A key highlight was gaining a stronger understanding of my target audience and identifying the marketing channels that are most effective in reaching them. Thanks to his mentoring, I started building a marketing plan that not only outlines activities, but also clearly tells the story of Elizabeth Guest House and its unique value to customers.”

Elizabeth Guest House is now undergoing reconstruction work and expansion to meet rising demand.

Overcoming common challenges

Eliza’s experience reflects the challenges faced by many women entrepreneurs in Central Asia. While they may have strong business ideas and ambition, they are often hindered by limited access to finance, business networks, digital tools and practical know-how. Women-led businesses also frequently identify confidence and self-belief as one of the main barriers to success – even more than gaps in technical business skills.

This shows how important it is to support women who are seeking professional advice on how to expand a business or strengthen their skills. Passion alone is not enough for entrepreneurial success. It must be combined with knowledge, guidance and encouragement. This is why the European Bank for Reconstruction and Development (EBRD) combines finance with advisory services, training, mentoring and networking.

Through MicroMentor, women-led businesses can link up online with more than 1,400 experienced mentors from around the world, enabling them to receive tailored guidance and build the confidence and skills they need to grow their businesses, reach new markets and create jobs.

Today, 5,456 SMEs have registered on MicroMentor platform in Central Asia. Women-led businesses account for 75 per cent of the community, while 2,257 entrepreneurs are under the age of 35. Mentors offer expertise in areas that match mentees’ needs, including business planning, business development, marketing, branding, sales, accounting and financial planning.

Sharing knowledge across borders

One of those mentors is Zaituna Nasyrova, founder and Chief Executive Officer of consulting company ZN Standard in Uzbekistan. She believes that mentoring is, above all, an opportunity to share knowledge and experience.

“I work with entrepreneurs from Uzbekistan, Kazakhstan and Turkmenistan,” says Zaituna. “Each comes with their own story, business challenge and goals, and even though they are from different countries, many of them face similar problems.”
One of the most memorable cases for her was working with Onlayn Hamshira, an
Uzbek startup offering an “online nurse” service. The owner approached Zaituna with the goal of increasing sales. Together, they refined the pricing model, clarified the value proposition for partners and identified the most important growth metrics.

Onlayn Hamshira is now offering additional diagnostic services and plans to expand to cities including Samarkand and Kokand.

“When entrepreneurs are deeply involved in their own businesses, it can be difficult for them to assess the situation objectively,” explains Zaituna. “They deal with many daily tasks, and over time, certain problems become so familiar that they stop noticing them.”

Sometimes all it takes is the right advice and encouragement. Through MicroMentor, the EBRD and donors are helping women entrepreneurs across Central Asia gain confidence, learn from others and move their businesses forward.