Uzbekistan and World Bank discuss SME support and job creation

Tashkent, Uzbekistan (UzDaily.com) — On 1 June, a meeting was held between Cecile Thioro Niang, Practice Manager for Finance, Competitiveness and Innovation at the World Bank, and Ilkhom Norkulov, First Deputy Minister of Economy and Finance of Uzbekistan, to discuss measures aimed at developing the private sector and supporting small and medium-sized enterprises (SMEs).

The meeting brought together World Bank project leaders in Uzbekistan, representatives of the Ministry of Economy and Finance, officials from the Joint Stock Company “Enterprise Development Company,” and other stakeholders.

The discussions focused on strengthening SMEs as a key driver of economic growth, as well as improving export potential, enhancing enterprise competitiveness, and expanding access to international markets.

Special attention was given to the “Coalition for Small Business and Jobs” initiative, implemented with the participation of international financial institutions, government bodies, and the private sector. The platform aims to coordinate entrepreneurship support programmes, improve reform efficiency, and avoid duplication of initiatives.

Participants also discussed measures to improve the business environment, expand access to financing, enhance the use of grants and technical assistance, and attract private investment while developing infrastructure.

The World Bank’s “Finance for Jobs and Economic Growth” (FINGROW) project was reviewed, focusing on expanding access to finance, developing guarantee mechanisms, and supporting innovative and energy-efficient businesses through fund-of-funds instruments.

Another initiative, “Supporting Accelerated Business Investment and Inclusive Transformation” (SaBIIT), was also discussed. It aims to support high-growth startups, new exporters, and upgrading enterprises, while facilitating their integration into global value chains.

Additionally, participants reviewed findings from the World Bank’s subnational B-READY study, which analyses business practices across regions and evaluates administrative procedures in areas such as construction permits, international trade, and property registration.

Both sides confirmed their readiness to continue cooperation aimed at sustainable economic development, expanding private sector capacity, and creating quality jobs.