The volume of IFC investments in Uzbekistan has reached its maximum in 30 years

In the last financial year, the International Finance Corporation allocated more than $1.6 billion to projects in Central Asia, Spot reports, citing the organization’s press service.

The amount of investment allocated directly and attracted by IFC from July 2022 to June 2023 was a record for the region. The money was used to support economic growth, expand intraregional ties, and also to increase resilience to climate change.

The bulk of the annual funding – $1.568 billion – was received by Uzbekistan. For the republic, this is the largest investment from the IFC since the beginning of its work in the country in 1993.

The main area of work of the organization in Uzbekistan has become the electric power industry. Thus, the IFC provided $150 million and assisted in attracting private financing of more than $1 billion for the construction of a thermal power plant in the Syrdarya region.

Another $49 million from the corporation was allocated for the creation of a wind power plant in Zarafshan, which is planned to be launched in 2025. In addition, IFC continues to participate in increasing the capitalization of the neobank TBC UZ.

In Kazakhstan, IFC allocated $20 million to one of the leading microfinance organizations, KMF, to support small and medium-sized businesses. In addition, it provided $15 million for the development and creation of new jobs to the agro-industrial group KazFoodProducts.

Financial institutions in Kyrgyzstan have received $35 million in resources from the IFC for women’s micro-enterprises and micro-housing. The organization is also providing assistance in conducting a tender for the construction of a photovoltaic power plant and searching for an operator for the Manas airport.

Finally, in Tajikistan, IFC investments for the year amounted to $15 million. At their expense, IMON International and Bank Eskhata were able to finance several thousand small and medium-sized enterprises.