Tashkent, Uzbekistan (UzDaily.com) —  In the 2024 fiscal year, the International Finance Corporation (IFC), a leading global development institution focused on the private sector in developing countries, invested over US$1 billion in Central Asia. This period covers from July 1, 2023, to June 30, 2024.

More than US$400 million was provided in the form of long-term loans from IFC’s own resources, alongside approximately US$600 million mobilized from external investors. Additionally, US$35 million was allocated to support trade operations and supply chains. Beyond financing, IFC provided consulting services to enhance access to financial services, develop innovative public-private partnership (PPP) projects, promote eco-friendly initiatives, and ensure gender equality.

IFC’s priority sectors in the region include finance, capital markets, renewable energy, agriculture, and infrastructure. In the previous fiscal year, supported projects created around 35,000 jobs, with over 13,000 filled by women.

A key priority for the corporation is the development of local financial markets. Specifically, IFC invested US$228 million in 10 financial institutions across Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, directing a significant portion of funds to support women entrepreneurs and agriculture.

IFC also facilitated the strengthening of local financial institutions serving micro, small, and medium enterprises (MSMEs), climate finance development, and the digitalization of the financial sector. One notable achievement was IFC’s participation in the issuance of the first sustainable, social, and green bonds in the region.

Together with the World Bank, IFC actively supports Uzbekistan’s transition to a "green" economy. One such project is the financing of a solar power plant in the Bukhara region, equipped with the country’s first energy storage system, which will provide clean electricity to about 75,000 households. In Tajikistan, IFC promoted the development of green financing by investing in the issuance of the first green bonds by OAO "Bank Eshta," aimed at supporting eco-friendly projects and small and medium enterprises.

In Kazakhstan and Kyrgyzstan, in addition to facilitating access to financial services, IFC is exploring new investment and technical assistance opportunities. The focus is on PPP projects in areas such as providing clean drinking water, developing renewable energy—including the use of geothermal sources for heating and cooling—modernizing railway infrastructure within the Middle Corridor, and issuing the first municipal green bonds. IFC also supports Kazakhstan’s efforts to meet commitments under the Global Methane Emissions Reduction Initiative.

Wibke Schlemmer, IFC Director for Turkey and Central Asia, noted that these projects demonstrate the corporation’s commitment to the development of Central Asia. “Over the past 20 years, the region has made significant progress, showing an average annual growth rate of 6.2%. To sustain this growth, it is crucial to accelerate the transition to a ‘green’ economy, which will attract private investments, strengthen infrastructure, and reduce dependence on commodity exports. IFC is focused on supporting these goals and will continue to provide solutions where they are most needed—from expanding access to financing for farmers and women entrepreneurs to supporting the region’s transition to carbon neutrality,” she emphasized.