Ipak Yuli Bank to Receive $80 Million from European Creditors to Finance Projects

The Eurasian Development Bank (EDB) has increased the financing volume for Uzbekistan's national digital ecosystem, Uzum, from $70 million to $100 million USD. These additional funds are intended for the development of fintech business and the scaling of digital financial services.

The initial lending agreement between EDB and Uzum was signed in May 2026 and marked the bank's first investment in Uzbekistan after the country joined the organization. The new funding will allow Uzum to continue developing its fintech infrastructure and expanding digital financial services for both individuals and small and medium-sized businesses across the country.

The company reported that Uzum Bank became a leader in issuing bank cards in 2026. More than half of orders on the Uzum Market marketplace are paid for using the ecosystem's own financial services.

Sergey Ignatov, Senior Managing Director of EDB, noted that expanding partnerships with industry leaders reflects EDB's plans to increase the scale of its operations in Uzbekistan. He emphasized that digital platforms are a key element of economic infrastructure, and by financing their growth, the bank is investing not just in one company, but in the technological connectivity of the region and the accessibility of financial services for millions of people.

Uzum founder and CEO Jasur Jumaev stated that the increased funding demonstrates investor confidence in the company's strategy and effectiveness. He added that they are creating a national-level fintech infrastructure used by millions daily, and it is particularly important to them that alongside Uzum's growth, the volume of international capital directed to Uzbekistan's digital economy also increases.

The company also noted that the development of cashless payments, digital banking services, and high youth engagement contribute to the further growth of the fintech sector and the digital economy of Uzbekistan.

EDB operates as a multilateral development bank conducting investment activities in the Eurasian region. As of the end of June 2026, the bank's accumulated portfolio included 348 projects with a total investment volume of $22.1 billion. The majority of this portfolio is concentrated in the areas of transport infrastructure, digital systems, green energy, agriculture, industry, and mechanical engineering.

Under EDB's Strategy for the period 2022–2026, the bank is implementing three mega-projects: the 'Central Asian Water and Energy Infrastructure Complex,' the 'Eurasian Transport Framework,' and the 'Eurasian Commodity Distribution Network.' Uzum integrates fintech, e-commerce, and banking services for individuals and enterprises; according to provided data, over 20 million residents of Uzbekistan use the ecosystem's services monthly.

From January to August 2026, regions of Uzbekistan received loans totaling 14.8 trillion UZS under the Mahalla project. Five regions accounted for 7.55 trillion UZS, which is over 51% of the total financing volume.

Tashkent received the largest volume of loans, amounting to 2.35 trillion UZS. Samarkand region was second with 1.51 trillion UZS, followed by Tashkent region with a loan amount of 1.44 trillion UZS.

The project also provided 1.20 trillion UZS to Kashkadarya region and 1.05 trillion UZS to Fergana region.

The distribution of loans among regions differed not only in volume but also in growth rates compared to the same period last year. The highest growth was recorded in Navoi region, which reached 67%. In Samarkand region, the increase in lending was 65%.

Thus, the project indicators demonstrate different dynamics of lending in the regions of Uzbekistan: Tashkent leads in the absolute volume of issued loans, while Navoi and Samarkand regions showed the fastest growth.