IFC provides additional financing and technical assistance package to Hamkorbank  Tashkent, Uzbekistan, November 10, 2006 — International Finance Corporation, the private sector arm of the World Bank Group, today signed an agreement to provide additional financing of $3 million and a technical assistance package to Joint-Stock Commercial Bank Hamkorbank.
The facility would broaden Hamkorbank’s funding base and support the expansion of its lending operations to private small-and medium-sized enterprises (SMEs). The project is expected to (i) promote further private sector development in Uzbekistan through supporting private SMEs; and (ii) support the banking sector of Uzbekistan, through the strengthening of a key private player. As such, the project is expected to have a high developmental impact on private sector growth in Uzbekistan. Through investment to Hamkorbank, IFC is continuing its role in the development of Uzbekistan’s financial sector and, at the same time, supporting smaller businesses, which are important sources of employment and economic activity in Uzbekistan. We are particularly pleased that our investment and technical assistance will help Hamkorbank further develop its business in one of the less privileged parts of the region and are hopeful this will contribute to Uzbekistan’t further development. Hamkorbank is the largest privately owned bank in Uzbekistan, and an existing IFC client. The Bank, originally founded as a regional bank in the Fergana Valley, is now transforming into a nationwide financial institution, offering not only SME loans but also micro loans, consumer loans and leasing products. Notes:
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit www.ifc.org
Joint-Stock Commercial Bank Hamkorbank is a licensed commercial bank headquartered in Andijan. The Bank, established in 1991, has a nationwide network of 24 full-service branches and 41 mini-branches that function as teller / cashier for consumer transactions. Hamkorbank provides a full range of domestic and international services to SMEs and individual entrepreneurs including lending, international/national payment services and current accounts management. Contacts:
Olim Khomidov
Phone: + 998 71 - 138 59 50
E-mail: okhomidov@ifc.org
Elbek Rikhsiyev
Phone: + 998 71 - 138 59 50
E-mail: erikhsiyev@ifc.org |
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