Since 2002, Uzbek Leasing International has participated in IFC’s leasing advisory program in Central Asia and has strengthened its operations. "A new loan from IFC will create a strong platform for expanding our services to the SME sector," said Zafar Mustafaev, CEO of Uzbek Leasing International.

IFC is working to increase access to finance for micro and small enterprises by strengthening local financial institutions and providing credit lines for financing and leasing. "This loan will help more private companies in Uzbekistan get the long-term financing they need to grow their businesses," said Lars Thunell, IFC Executive Vice President and CEO. "It also helps Uzbek Leasing International set an example for others to follow."

IFC has played a key role in developing Uzbekistan’s leasing sector, helping amend 11 pieces of legislation to facilitate leasing. As a result of these regulatory improvements, direct support for companies, and increased awareness, the local leasing market has grown by US$220 million from 2001 to 2007.

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

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed US$8.2 billion and mobilized an additional US$3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.

Uzbek Leasing International A.O., the first leasing company in Uzbekistan, was incorporated in 1996. The company’s shareholders are IFC, the European Bank for Reconstruction and Development, Maybank (Malaysia), and the National Bank for Foreign Economic Activity of the Republic of Uzbekistan. Since its establishment, the company has financed more than 200 projects for a total of US$40 million in various sectors. It provides lease financing for industrial, agricultural, and business equipment and machinery as well as motor vehicles to serve the needs of micro and small industrial projects.