Ipoteka bank OTP Group received EBRD award for developing green finance in Uzbekistan

The European Bank for Reconstruction and Development (EBRD), together with the Green Climate Fund (GCF), has initiated the launch of a green financing program in Uzbekistan. The goal of this program is to expand access for enterprises and households to financing for projects related to climate and the environment.

Hamkorbank became the first financial institution in Uzbekistan to join the program. It will be provided with a financing package of up to 20 million US dollars to support private sector investments in climate change adaptation, energy efficiency improvement, and agricultural land irrigation.

The financing can be provided either through a synthetic loan pegged to the Uzbek sum or in US dollars. These funds will be directed towards supporting projects across the country, including climate technologies and more efficient resource use.

This package includes a loan from the EBRD of up to 18 million US dollars and concessional financing of up to 2 million US dollars from the Green Climate Fund. Projects supported by this program are expected to reduce carbon dioxide emissions by approximately 5,685 tons annually.

This new initiative continues the work of the Uzbekistan Green Economy Financing Program, previous stages of which started in 2018 and 2023. In total, these stages have created a mechanism for green investment financing amounting to 160 million US dollars and supported 425 projects through five participating financial institutions.

Under the program, enterprises have gained the opportunity to receive financing for implementing climate technologies such as energy-efficient equipment, electric vehicles, solar photovoltaic systems, and solutions for reducing industrial emissions. Notably, almost 10% of the supported projects were implemented by businesses owned or led by women.

According to the EBRD, previous phases of the program have resulted in an annual energy saving of about 1.1 million gigajoules and reduced carbon dioxide emissions by approximately 53,000 tons per year. Furthermore, the initiative has contributed to the installation of over 14.3 MW of renewable energy capacity and helped local financial institutions strengthen their expertise in green finance.

The 'Greening Green Finance Systems' program aims to expand climate financing and encourage the financial sector of Uzbekistan to adopt lending and investment practices aligned with climate goals. Priorities of the program include more rational water use, sustainable land management, and improving overall resource efficiency.

According to the EBRD, Hamkorbank is the third-largest lender in Uzbekistan. Overall, the EBRD has invested nearly 7.3 billion US dollars in Uzbekistan through 219 projects, a significant portion of which has been directed towards supporting private business.

The Green Climate Fund Council approved the regional program CLiCA, aimed at increasing the resilience of Central Asian landscapes to the effects of climate change. Under this program, Uzbekistan will receive 103.7 million euros, which is the largest share among all participating countries.

These funds are intended to support farmers and restore ecosystems. The total budget for the entire program is 264.4 million euros. The project was developed by the German Agency for International Cooperation (GIZ) in collaboration with Uzbekistan, Kyrgyzstan, and Tajikistan. Coordination of the work on the Uzbek side was carried out by the National Center for Climate Change under the Committee on Ecology.

In Uzbekistan, this initiative plans work across an area of 164 thousand hectares, including forests, pastures, and agricultural lands. Methods that promote the conservation of natural resources and increase the sustainability of agriculture against climate shifts will be applied there.

A significant portion of the allocated money will go towards supporting farmers, providing them with additional opportunities to attract financing needed to implement new technologies and adapt their farms to the changing climate. The project is expected to protect 342 thousand residents of Uzbekistan from climate threats, with about half of them being women.

Furthermore, the program provides for reducing greenhouse gas emissions and increasing their absorption by 1.07 million tons of CO₂ equivalent. The CLiCA program unites the efforts of Uzbekistan, Kyrgyzstan, and Tajikistan in nature conservation and land restoration tasks, paying special attention to territories and residents most vulnerable to the consequences of climate change. Previously, Uzbekistan had proposed using artificial intelligence to combat poaching and create a network of reserves in Central Asia.

IT Park Uzbekistan won the 'Knowledge Zone of the Year' award in the Asia-Pacific region category at the Global Free Zones of the Year Awards 2026 ceremony. These awards are organized by fDi Intelligence, a specialized publication of the Financial Times group.

This award recognizes Uzbekistan's achievements in developing its technological ecosystem, efforts to attract international companies and investments, as well as initiatives aimed at training specialists for the digital sector.

The Global Free Zones of the Year Awards annually evaluates economic zones worldwide based on the effectiveness of their strategies for attracting business and capital investment. In 2026, the awards covered three areas: industrial zones, knowledge zones, and emerging zones. Knowledge zones focus on information technology, financial and business services, and other high-income industries.

Development of Digital Skills and Specialist Training

Training personnel for the international technology market remains one of the priorities of IT Park Uzbekistan. According to the organization, the One Million Uzbek Coders project has trained 1.7 million young people, and the Five Million AI Leaders initiative has reached 1.3 million people.

Furthermore, 4,926 young specialists received support to obtain international IT certificates, for which over 18 billion UZS was allocated to reimburse certification and training costs. Under the IT-Talents program, an additional 3.17 billion UZS was allocated to support educational institutions whose graduates find jobs in export-oriented IT companies.

Other projects promoting the development of digital competencies include ICT4Girls, startup incubation programs, national technology competitions, and the creation of 20 artificial intelligence laboratories in universities.

Expansion of International Presence

According to IT Park Uzbekistan, its ecosystem includes over 4,100 resident companies, more than 1,200 of which have foreign participation. These companies employ over 56,000 specialists. More than 1,100 exporting companies provide services to markets in 102 countries. The organization reports that exports in the information and communication technology sector exceeded 1.1 billion US dollars.

The attraction of foreign enterprises is supported by tax incentives, infrastructure development, and international partnerships. These conditions are designed to expand opportunities for export-oriented technology companies.

International Recognition of the Startup Ecosystem

The report also highlights Uzbekistan's results in global technology entrepreneurship rankings. According to the StartupBlink Global Startup Ecosystem Index 2026, Uzbekistan was named Country of the Year 2026 and recognized as the fastest-growing startup ecosystem in the world, demonstrating growth of 227.3%.

In two years, Uzbekistan climbed 31 places in the global ranking, reaching 79th place in the global list, while Tashkent entered the top 229 among startup cities. The analytical platform Dealroom estimated the total value of Uzbekistan's startup ecosystem in 2026 at 4.3 billion US dollars.

The award from fDi Intelligence further strengthens the international recognition of Uzbekistan's technology sector, where investment policy, digital infrastructure, and the training of qualified personnel play a key role.