ADB approves a $100 million loan to support small and medium-sized enterprises in Uzbekistan

The Asian Development Bank (ADB) has approved a $100 million policy-based loan to support small and medium-sized enterprises (SMEs) in Uzbekistan and spur economic growth in the country, Azernews reports, citing Kun.uz News Agency.

ADB’s Small and Medium-Sized Enterprises Development Program will help strengthen the operating environment for SMEs to drive private sector development-led economic growth and also increase their resilience to future economic shocks like the one triggered by the COVID-19 pandemic. This is the second subprogram under the program, and it builds on the policy, regulatory, and institutional reforms implemented by the government under the first subprogram.

“The program enables systematic reforms assisted under ADB’s continuing support for SMEs in Uzbekistan,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “As the country continues implementation of key structural reforms to transition from a state-owned economy to a market economy with a prudent overall macroeconomic stance, SMEs will play a significant role in accelerating diversified economic growth, productivity, and value-added formal employment.”