IFC, DAVR-BANK Boost Lending to MSMEs and Women-Owned Businesses in Uzbekistan
IFC, a member of the World Bank Group, is helping DAVR-BANK expand its financing for micro, small, and medium-sized enterprises (MSMEs) and women-owned businesses across Uzbekistan. While these business groups were already constrained from accessing finance, the COVID-19 pandemic made the situation worse. IFC's $5 million investment will provide critical working capital to help them continue their operations and stay afloat during the ongoing public health crisis.
This is the first time IFC has allocated funds separately for women entrepreneurs as part of a financing package to a bank in Uzbekistan. Women-owned MSMEs represent around 23 percent of all businesses in Uzbekistan and face an estimated financing gap of $2.7 billion.