OREANDA-NEWS. On August 22, 2008 Lars Thunell, Executive Vice President and CEO of IFC, a member of the World Bank Group, concluded his first official visit to Uzbekistan by emphasizing that IFC would continue to increase access to finance for micro and small enterprises, contribute to improving the business enabling environment, and help develop housing finance. IFC will also seek opportunities for new investment in agribusiness and manufacturing.

During his visit, Thunell met Rustam Azimov, First Deputy Prime Minister and Minister of Finance of Uzbekistan, and discussed opportunities to expand cooperation. They signed a cooperation agreement establishing a new framework for assessing the impact of regulations affecting Uzbek businesses.

Thunell signed a USD 3 million loan for Uzbek Leasing International A.O., the first leasing company established in Uzbekistan and an existing IFC client. This loan will enable the company to expand financing options for micro and small businesses.

Thunell also met the management of Hamkor Bank, a leading private bank in Uzbekistan and an existing IFC client, to learn about conditions in the banking industry and to discuss new IFC financing for the bank.

“IFC is working with the government to improve business conditions and make financing more accessible in Uzbekistan,” Thunell said. “Access to credit will help companies expand their businesses, create jobs, and help more people own homes.”

Since 1994, IFC has invested USD 55 million in 14 projects in Uzbekistan’s food processing, construction materials, banking, and leasing industries. IFC’s current portfolio is worth about USD 6 million, most of which is invested in Asaka Bank, ABN AMRO Bank NB Uzbekistan, Hamkor Bank, Parvina Bank, and Uzbek Leasing International.