EMGA SECURES US$30 MLN DEBT FINANCING FOR UZBEKISTAN’S IPAK YULI BANK

KUALA LUMPUR, Dec 2 (Bernama) -- Emerging Markets Global Advisory LLP (EMGA) has completed its first transaction for Ipak Yuli Bank in Uzbekistan, securing US$30 million from the OPEC Fund for International Development (OPEC Fund). (US$1=RM4.44)

In a statement, EMGA Head of Investment Banking and Managing Director, Sajeev Chakkalakal highlighted the successful completion of the transaction despite the challenging global macroeconomic environment.

He noted that this deal would facilitate Ipak Yuli’s continued vision to support small and medium-sized enterprises (SMEs) in Uzbekistan while also expanding the presence of OPEC Fund’s ongoing operations in the region.

Commenting on the transaction, Ipak Yuli Chairman, Saydakhmedov Saidabror expressed his satisfaction being the first private bank in Uzbekistan to partner with the OPEC Fund and emphasised the significance of this collaboration in supporting the development of the micro, small, and medium-sized enterprises (MSME) sector in the country.

“We share common values with the OPEC Fund in fostering entrepreneurship and are confident that this partnership will lay the foundation for expanding our cooperation in the future, contributing to the further development of the economy and creating new opportunities for businesses,” said Yuli.

Meanwhile, OPEC Fund President, Abdulhamid Alkhalifa said: “Our partnership with Ipak Yuli Bank reflects our targeted approach to support Uzbekistan’s private sector transformation. By facilitating access to finance for businesses, including those led by women, we are helping unlock their potential to contribute to the country’s sustainable economic growth.”

Established in December 1990, Ipak Yuli is a joint-stock commercial-innovation bank in Uzbekistan, providing banking services to individual entrepreneurs, SMEs, state organisations and institutions, and corporate customers.

The OPEC Fund is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively, working in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries worldwide.

EMGA, with offices in London and New York, helps financial institutions and corporations seeking new debt or equity capital, particularly in emerging markets and frontier economies, including Uzbekistan which remains a key market.

-- BERNAMA