Access to Finance for Jobs and Growth MPA Phase 1 - Uzbekistan (WB-P511700)

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
  • World Bank (WB)
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
A
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
Dec 15, 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 - Central Bank of Uzbekistan; Entrepreneurship Development Company
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
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 100.00 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.
Grant Amount (USD)
$ 5.00 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)
$ 600.00 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 @ WB website

Updated in EWS Oct 28, 2026

Disclosed by Bank Aug 19, 2025

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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 objective of this project is to increase access to finance by businesses and people in Uzbekistan, and enable new or better jobs.

Using an innovative, programmatic, and large-scale approach to financing with in-built peer-to-peer learning, the ECA Access to Finance for Jobs and Growth (FINGROW) Multiphase Programmatic Approach (MPA) aims to leverage the transformative power of financial inclusion to foster the creation of new and better jobs, through boosting digital payments for all and access to capital for businesses. FINGROW MPA will include operations in Uzbekistan and Turkiye during Phase 1.

The MPA is expected to be organized under three pillars with list of tailored menu of activities where each country can choose from. The pillars are: (i) Digital payments (domestic and cross-border); (ii) Credit and derisking; and (iii) Equity financing. It is expected that following instruments will be used: Investment Project Financing (IPF), Program for results (P4R) and IPF with guarantee.

The operation in Uzbekistan will be implemented by Entrepreneurship Development Company (EDC) and will consist of three main components: (i) Reforming and scaling up EDC's PCG scheme to share risks with banks, Microfinance Organizations (MFOs), and leasing companies to incentivize greater lending to competitive SMEs, focusing on greening their operations, creating more and better jobs, and boosting exports; (ii) Private equity (fund of funds- FOF) for scaling up SMEs with high growth potential. The FOF would be established as a limited liability corporation (FOF LLC) fully owned by EDC. It will focus on SMEs investing and scaling up business activities aligned with the National Green Taxonomy of Uzbekistan, as well as those led by women. And (iii) Implementation and technical assistance support. The project will provide technical support for project implementing agencies, including EDC and MEF's Department for SME Development.

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.

Environmental risk is associated with localized generation of dust and noise during construction, management of construction waste (both hazardous and non-hazardous), potential for minor soil and water contamination from spills or improper waste disposal, and temporary disruption to local traffic and access. Resource consumption, such as water and energy, will vary depending on the specific sub-project.

The main social risks relate to Exclusion Risk: There is a risk of excluding certain groups, such as women-owned businesses or smaller enterprises, due to unclear eligibility criteria or a lack of information disclosure. Access to Finance: Favoring green SMEs might exacerbate financial access obstacles for other small businesses, potentially leading to exclusion. Social Inclusion: Women-led or managed firms may face more obstacles in accessing finance, leading to social inclusion issues. Perceptions of Greenwashing: Concerns about "greenwashing" could affect trust and credibility if firms claim to be environmentally friendly without substantial evidence. Participation Risk: MSMEs in remote areas might lack access to clear and culturally appropriate communication and information, leading to potential exclusion.

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

Total Project Cost: US$ 600.00 million
IBRD Surplus-Funded Livable Planet Fund: US$ 5.00 million
IBRD Commitment: US$ 100.00 million


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.

CONTACT POINT - World Bank

Task Team Leader: Martin Melecky
Title: Lead Economist
Email: mmelecky@worldbank.org

TTL Contact: Valeriya Goffe
Job Title: Senior Financial Sector Specialist
Email: vgoffe@worldbank.org

TTL Contact: Yeraly Beksultan
Job Title: Senior Private Sector Specialist
Email: ybeksultan@worldbank.org

Borrower/Client/Recipient
Entrepreneurship Development Company
Abboskhon Makhamotov
Director
a.makhamatov@edcom.uz

Implementing Agencies
Entrepreneurship Development Company
Abboskhon Makhamotov
Director
a.makhamatov@edcom.uz

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

How it works

How it works