Stoking Uzbekistan's Entrepreneurial Spirit | Asian Development Bank

Stoking Uzbekistan's Entrepreneurial Spirit

Video | 29 June 2017

Uzbekistan is helping rural businesses, especially those run by women, to access finance more easily. ADB is supporting the initiative with a $50 million loan. Through local banks Hamkorbank and Ipak Yuli Bank, more than 500 small and medium enterprises were given a financial lifeline, while 8,700 individual clients received financial literacy support.

Transcript

TEXT ON VIDEO
Uzbekistan, Central Asia
Sustainable economic growth in Uzbekistan comes from small and medioum enterprises.
Today, small businesses contribute 57% of GDP and 80% of employment.
But poor access to finance and high cost of borrowing still constrain economic growth.
Uzbekistan is now helping rural businesses, especially those run by women, access finance more easily.

SUBTITLES
Matlyuba Norbotayeva, Restaurateur, Samarkand region
“Customers were asking for better aircon and furnishings, so we needed a loan to meet their demand.”

TEXT ON VIDEO
ADB is supporting Uzbekistan’s initiative with a $50 million loan.
Through local banks Hamkorbank and Ipak Yuli Bank, over 4,000 microfinance loans have been issued.

SUBTITLES
Dilshod Tukhtasinov, Principal Loan Officer, Ipak Yuli Bank Samarkand branch
“We hold workshops for loan officers on successful microfinance development.

TEXT ON VIDEO
Businesses targeted range from retail to agriculture.

SUBTITLES
Isaev Komil, Poultry farmer, Samarkand region
“After paying my current loan, I hope get another loan to buy new equipment.
“My aim is to expand production to 20,000 poultry.”

TEXT ON VIDEO
Over 500 small and medium enterprises are given a financial lifeline.

SUBTITLES
Khakberdieva Umida, Restaurateur, Samarkand
“It used to be difficult to run our business, but the loans helped us expand.”

TEXT ON VIDEO
Financial literacy support for over 8,700 clients is also provided.

SUBTITLES
Babaev Kamoliddin, Head of Back Office Division, Samarkand, Hamkorbank
“When entrepreneurs approach our bank, we do not just give them a loan.
“We also assist them with the preparation of documents, writing a business plan, and submitting the application.

TEXT ON VIDEO
Uzbekistan’s SME sector is now growing beyond retail and import to include manufacturing.

SUBTITLES
Khasanov Farkhod, Entrepreneur, Samarkand
“The products we do now did not use to be available in the local market.”

TEXT ON VIDEO
Diversification of small businesses is crucial to economic growth and the stability of the economy.

SUBTITLES
Babaev Kamoliddin, Head of Back Office Division, Samarkand, Hamkorbank
“In the past, small businesses were mainly about retail trade.
“Now, manufacturing start-ups sprout every day."