The bank said that in the result of implementation of the deal, the ADB will become one of major shareholders of Ipak Yoli Bank.

The ADB and Uzbekistan have been cooperating for over 17 years and the ADB is one of key partners in implementation of the programmes on structural reforms and diversification of economy. The sides are cooperating in such areas as reforming education and healthcare sectors, modernization of generating capacities and energy sector, railway and road infrastructure, utilities, reforming agriculture sector, developing financial sector, etc.

On 4 September 2012, the ADB and Government of Uzbekistan have agreed on a new five-year country partnership strategy (CPS) for 2012-2016, which covers key derelictions of social-economic development of Uzbekistan.

The new strategy will focus on transport, energy, municipal services, water, and access to finance. The CPS will also prioritize governance, regional cooperation and integration, private sector development, knowledge management, gender equity, and climate change. Currently, the ADB approved 35 joint projects with total cost of over US$3.8 billion.

Within the cooperation in the banking sector, Ipak Yoli Bank reached significant results on implementation of the ADB project, directed at attracting investments of the international financial institute to its equity capital.

The Uzbek bank said that the deal will become first investment of the ADB to equity capital of the commercial bank in the Central Asian region and third transaction in Uzbekistan, conducted by Department on operations in private sector of the ADB. Earlier, two operations in private sector of Uzbekistan were carried out in oil and gas sector. Investments to equity capital of Ipak Yoli Bank will help to introduce international banking standards and the best international practices, strengthen capital adequacy and mobilize additional resources to expand financing of national economy.

Ipak Yoli Bank is non-governmental commercial bank, which was founded in 1990. Currently, it holds 10th place on business scale in Uzbekistan. As of 1 September 2012, total assets of the bank reached 738 billion soums and balance of issued loans reached 333.7 billion soums. The bank has 10 branches and 69 mini-banks in various cities of Uzbekistan.

The ADB and Ipak Yoli Bank have been cooperating since 2006 and the Uzbek bank participated in implementation of the project on developing small and micro financing in Uzbekistan. The Uzbek used US$11.3 million within the project. The bank used these resources to finance projects of small businesses. Overall, the bank issued credits to 2,413 projects and 38% of them were projects of women.

Ipak Yoli Bank is also cooperation with other international development banks such as KfW, Islamic Development Bank, as well as Commerzbank, Deutsche Bank AG, Landesbank Berlin AG, Raiffaizen Bank International, Visa International and UnionPay, etc.

Cooperation with these institutes allowed the Uzbek bank to attract credit lines for 29.5 million euros and US$12 million to finance small businesses in Uzbekistan. The loans are issued to modernize existing production capacities, production of goods based on local raw materials. Over 90 projects were implemented with use of resources of international partners, which helped to create about 1 thousand of new jobs.