The European Bank for Reconstruction and Development (EBRD), in partnership with the European Union (EU), is enhancing access to finance for micro, small, and medium-sized enterprises across Central Asia and Mongolia.
It is expected to benefit around 3,500 businesses across the Kyrgyz Republic, Kazakhstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan.
“As the backbone of these countries' economies, facilitating their access to finance will help create new jobs and opportunities, driving inclusive and resilient economic growth. This partnership demonstrates the EU's commitment to building and deepening mutually beneficial relationships worldwide, aligning with the EU's Global Gateway investment strategy,”- said European Commissioner for Economy and Productivity; Implementation and Simplification Valdis Dombrovskis.
An additional €25 million in EU-backed guarantees will be made available to local partner financial institutions for on-lending to micro, small, and medium-sized enterprises (MSMEs). This initiative represents an expansion of the existing Growth4All guarantee program to a region where MSMEs form the backbone of the economy but often face challenges in accessing finance for growth.
The comprehensive support package aims to strengthen both the supply and demand sides of MSME financing by mitigating associated risks and encouraging financial intermediaries to extend new credit to the businesses that need it most, according to the EBRD statement.
“This is yet another strong example of how our cooperation with the European Union as our key partner responds to the everyday needs of businesses in the region, while at the same time underlining our determination to support strong, resilient and inclusive businesses," -said EBRD President Odile Renaud-Basso.
The EU is providing the guarantees through its European Fund for Sustainable Development Plus (EFSD+), which supports financing and investment operations in partner countries outside Europe, in line with the EU’s Global Gateway investment strategy.
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