Tashkent, Uzbekistan (UzDaily.uz) — Ipak Yuli Bank will receive US$80 million from Austrian and European financial institutions to finance small and medium-sized enterprises, support women-owned businesses and fund environmental projects, the Dunyо News Agency reported, citing Austrian publication Extrajournal.Net.
International law firm CMS said it had acted as lead adviser to the three financial institutions participating in the financing arrangement, providing legal support for the transaction.
The participating institutions are Austrian development bank Oesterreichische Entwicklungsbank AG, Italian financial institution Cassa Depositi e Prestiti S.p.A., and the Allianz Credit Emerging Markets Fund, managed by Allianz Global Investors.
According to the report, 35% of the financing is planned to go to women-owned businesses, while a further 30% will be allocated to environmental projects and sustainability-related initiatives.
Marcell Clark, a lead partner at CMS's Vienna office, said the transaction reflected growing interest among international financial institutions and investors in the sustainable development of Uzbekistan's private sector.
The financing is expected to expand Uzbek businesses' access to credit, support the development of women-led entrepreneurship and encourage the adoption of environmentally sustainable business practices.
