FIRST INVESTMENT IN UZBEKISTAN TO STRENGTHEN RURAL ENTREPRENEURSHIP

 

In September 2023, the Foundation reached a new significant milestone by investing for the first time in a new country: Uzbekistan, located in Central Asia. A first loan was granted in local currency of 1 million Euros to the microfinance institution Renesans.

The Foundation chose to work in Uzbekistan because the country enjoys relatively high social and economic stability. A large portion of the population remains underbanked, and the standard of living remains relatively low despite the country's abundant natural resources and robust agricultural sector.

This support for Renesans deepens the Foundation's presence in Central Asia, currently supporting 10 partners in Tajikistan, Kazakhstan, Kyrgyzstan, and Georgia. Renesans was founded in 2007 with the mission of providing accessible financial services to women entrepreneurs and self-employed people in rural areas. Its ambition is to become a leading microfinance institution in all regions of the country.

The MFI operates mainly in the Tashkent region in the northeast of the country and in Karakalpastan in the northwest, but aims to expand rapidly to cover all regions of the country through a network of 10 branches and 103 employees.

To date, the institution has nearly 7,195 customers, of which 54% are women, and operates mainly in rural areas, representative 76% of its customers.

The Foundation's funding will enable Renesans to provide loans to several small entrepreneurs, promoting the country's economic growth.