The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help expand financial access for underserved micro, small, and medium-sized enterprises (MSMEs) in Uzbekistan, with a particular focus on women-led businesses. Of the total funding, $100 million will be provided on concessional terms.
The new funding marks the launch of Subprogram 2 under ADB’s Inclusive Finance Sector Development Program. Building on the reforms introduced in Subprogram 1, this phase aims to advance Uzbekistan’s shift toward a more inclusive and market-based financial system by refining regulatory frameworks and expanding access to credit.
“ADB is proud to support Uzbekistan’s transition to a more inclusive and market-based financial system,” said ADB Country Director for Uzbekistan, Kanokpan Lao-Araya. “This program will help unlock access to finance for the self-employed and microentrepreneurs, promote gender equality, and strengthen consumer protection in the financial sector.”
Subprogram 2 will deepen legal and institutional reforms initiated earlier, such as increasing the ceiling for microloans, updating microfinance regulations, joining the Women Entrepreneurs Finance Code, and drafting regulations for Islamic microfinance.
The program also introduces new policy measures to strengthen consumer protection. These include revised guidelines for responsible lending, regulation of emerging financial products such as “buy now, pay later” services, and the enhancement of digital financial supervision.
Gender-focused reforms will also be scaled up under this subprogram. These include the rollout of a gender equality policy within the financial sector, the introduction of gender-based lending quotas, and the operationalisation of sex-disaggregated data reporting to improve policy decision-making.
An assessment of the National Financial Inclusion Strategy (NFIS) for 2021–2023 indicated significant progress in expanding financial inclusion. Around 60% of adults in Uzbekistan now hold an account at a formal financial institution, driven primarily by the rapid growth of digital financial services.
Another priority area is the structural transformation of the microfinance sector. The program supports the establishment of deposit-taking microfinance banks, with the necessary risk-based regulatory and supervisory frameworks in place to ensure financial stability. So far, two preliminary licences have been issued for the creation of new microfinance banks.
In addition to the financial package, ADB is providing technical assistance aimed at building institutional capacity and maintaining the sustainability of the reforms. The initiative forms part of a broader multi-phase approach, with a proposed Subprogram 3 planned for 2025–2027 to continue strengthening implementation and institutional development.
This year also marks the 30th anniversary of ADB’s partnership with Uzbekistan. Since joining ADB in 1995, Uzbekistan has received a total of $14.6 billion in public sector loans, grants, and technical assistance from the bank.
Founded in 1966, ADB now counts 69 members, 50 from within Asia and the Pacific. The bank works with its partners to drive inclusive, resilient, and sustainable growth across the region, using innovative financing tools and collaborative partnerships to support economic transformation, infrastructure development, and environmental protection.
