Global law firm Ashurst has advised the Japan International Cooperation Agency (JICA) on the financing to Ipak Yuli Bank in Uzbekistan to support the bank's lending operations to micro, small and medium-sized enterprises (MSMEs), with a strategic focus on empowering businesses owned, controlled or managed by women and young Uzbekistani entrepreneurs aged below 35.
The financing will enable Ipak Yuli Bank to expand its capacity to provide credit facilities to MSMEs across Uzbekistan, with a particular emphasis on unlocking opportunities for women and young people facing barriers to accessing capital. By directing resources towards women and young persons in Uzbekistan, the transaction will play a significant role in fostering inclusive economic development and entrepreneurship in the country. This transaction represents JICA's continued commitment to promoting inclusive economic growth and supporting emerging markets through development finance initiatives.
The Ashurst team was led by partner Teruma Naito, supported by partners Alexander Dmitrenko, James Hearne and Chihiro Ashizawa, and a team comprised of members from Tokyo and London office including David McCormick, Amos Yoo, Matthew Harnett, Joe Bailey, Edward Low, Chiharu Takatori and Rhiannon Kumar.
Commenting on the transaction, Teruma Naito said: "We are pleased to have supported JICA on this important financing, which will help promote entrepreneurship and economic opportunity in Uzbekistan. Supporting women and young entrepreneurs in Uzbekistan is critical to building sustainable and inclusive economies, and we are proud to have played a role in facilitating this initiative."
