Inclusive Finance Sector Development Program, Subprogram 2 (ADB-58438-001)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Uzbekistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 11, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Uzbekistan - Ministry of Economy and Finance
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Media Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Apr 6, 2026

Disclosed by Bank Nov 11, 2025

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the IFSDP, including the programmatic approach, was approved by the Asian Development Bank (ADB) Board in 2024 and reflects Uzbekistan's commitment to promoting sustainable and inclusive growth as part of the Uzbekistan 2030 Strategy, by supporting access to finance for unbanked and underserved microentrepreneurs. The government and ADB agreed to enhance subprogram 2 (August 2024-July 2025) and include subprogram 3 (August 2025-July 2027) to intensify reform momentum and scale up the impact of the program to support the next phase of the country's transformation. This is achieved by focusing on three key reform areas to support growth in inclusive finance: (i) improving the policy enabling environment, (ii) enhancing the regulatory and supervisory frameworks, and (iii) diversifying the funding sources available for market participants. The program is supported by an approved technical assistance (TA) grant.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

In accordance with ADB’s Safeguard Policy Statement (2009), the program is classified as category C for environment, involuntary resettlement, and Indigenous Peoples. No adverse safeguard impacts are anticipated. The program is limited to policy and institutional reforms, and no civil works are financed. Also, program proceeds will not be used for any activities that may cause physical or economic displacement, as defined under ADB’s Safeguard Policy Statement, or activities listed in ADB’s Prohibited Investment Activities List.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

(a) A loan of $200,000,000 from ADB’s ordinary capital resources, in regular terms, with interest to be determined in accordance with ADB’s Flexible Loan Product; for a term of 15 years, including a grace period of 3 years;

(b) A loan of $100,000,000 from ADB’s ordinary capital resources, in concessional terms, with an interest charge at the rate of 2% per year during the grace period and thereafter; for a term of 25 years, including a grace period of 5 years.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For the Borrower:

Ministry of Economy and Finance
29, Istiqlol Street
Tashkent 100017
Republic of Uzbekistan
E-mail: info@imv.uz

 For ADB:

Asian Development Bank
6 ADB Avenue
Mandaluyong City
1550 Metro Manila
Philippines
Facsimile Numbers: (632) 8636-2444

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works