The program includes Subprogram 2, which will continue the reforms initiated earlier and aims to create a sustainable legal and institutional framework for inclusive finance. Key measures include increasing the maximum amount of micro-loans, improving the regulatory framework for microfinance, joining the international Code of Financing for Women Entrepreneurs, and developing rules for Islamic microfinance.
"The ADB is proud to support Uzbekistan's transition to a more inclusive financial system," said Kanokpan Lao-Araya, Director of the ADB Permanent Mission in Uzbekistan. "The implementation of the program will open access to finance for the self-employed and microenterprises, strengthen gender equality and enhance consumer protection in the financial sector."
The program provides for measures to protect consumer rights and promote gender equality, including updating the principles of responsible lending, regulating new financial products ("buy now, pay later") and strengthening digital financial supervision. Gender-disaggregated reporting and the establishment of gender quotas for funding are also being introduced.
An assessment of the National Financial Inclusion Strategy for 2021-2023 showed that 60% of adult citizens of Uzbekistan have accounts with official financial institutions. This growth has become possible due to the development of digital financial services and the improvement of financial literacy of the population.
Support for the microfinance sector includes the establishment of microfinance banks accepting deposits, which will significantly expand access to finance. For this purpose, regulatory and supervisory frameworks are being created to ensure financial stability; two preliminary licenses have already been issued for the establishment of such banks.
The program is accompanied by technical assistance to build institutional capacity and sustainability of reforms. Subprogramme 2 is part of a broader program, including Subprogramme 3 (2025-2027), aimed at further strengthening the institutional infrastructure of the financial sector.
