LONDON: Emerging Markets Global Advisory LLP (EMGA) has announced the completion of its first transaction in Uzbekistan, securing US$ 30 million from the OPEC Fund for International Development (OPEC Fund) for Ipak Yuli Bank.

According to BERNAMA News Agency, this financing marks a significant milestone for Ipak Yuli Bank, as it becomes the first private bank in Uzbekistan to enter into an agreement with the OPEC Fund. The bank’s Chairman, Mr. Saydakhmedov Saidabror, expressed his satisfaction with the transaction, highlighting its importance in supporting the development of the Micro, Small, and Medium-Sized Business (MSME) sector within the country. He emphasized the shared values between Ipak Yuli Bank and the OPEC Fund in promoting entrepreneurship.

Mr. Saidabror also conveyed confidence that this partnership would serve as a foundation for future collaboration, aiding in the economic development of Uzbekistan and creating new business opportunities. This deal is expected to bolster the bank’s efforts i
n fostering growth and expansion in the MSME sector, which is critical for the nation’s economic progress.