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September 21, 2023

Finnfund provides 15 million US dollar loan to Ipak Yuli Bank in Uzbekistan

In Uzbekistan, access to finance for small and medium enterprises has been limited and the status of self-employed entrepreneurs has not been recognised, often leaving them outside formal finance. Ipak Yuli is one of the leading privately owned commercial banks in Uzbekistan focusing on private sector financing. With Finnfund’s 15 million US dollar senior loan, the bank can continue to develop their business with micro, small and medium sized enterprises.

Saidabror Saydakhmedov, Jaakko Kangasniemi

“We are happy to sign our first deal with Finnfund. We look forward to long-term partnership in the area of supporting and increasing private sector participation in the economy, improving access to finance in Uzbekistan. This deal will allow us to continue to support a bigger number of small and medium enterprises (SMEs) in the country providing inclusive services that is a key part of the bank’s activity” said Saidabror Saydakhmedov, Chairman of the Management Board of Ipak Yuli.

“Private sector development in Uzbekistan can only happen if the previously underserved SME’s get access to finance”, says Jaakko Kangasniemi, Managing Director and CEO at Finnfund. ”Ipak Yuli has ambitious plans to increase its lending and is well on its way in developing its services both online and offline, and we are convinced that this is exactly what the entrepreneurs need in order to develop their businesses.”

Ipak Yuli has been among the first banks to introduce internet and mobile banking products in the market. The bank strives to achieve and maintain gender balance among its employees and leaders – currently,
46 % of employees and five out of nine Board members are women. There is also product development especially tailored for women entrepreneurs.

Media contact:
Valpuri Mäkinen, Communications and Marketing Manager,, +358 503842105

About Finnfund
Finnfund is a Finnish development financier and impact investor. We build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. We invest 200–250 million euros in 20–30 companies in developing countries each year. Our focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund’s investments, commitments, and investment decisions total about 1.22 billion euros, half of them in Africa. The company has 100 employees based in Helsinki and Nairobi. For more information, please visit

About Ipak Yuli
Ipak Yuli Bank, founded in April 1990, is a universal commercial bank in Uzbekistan. The Bank provides a wide range of banking services to SME and retail sector through a well-established 17-branch network and 46 express centers. Ipak Yuli Bank constantly strives for the continuous growth of its business by expanding its customer base, the regional presence of the Bank, increasing the amount and types of services to meet the needs of each client. For more information, please visit

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