Emerging Markets Global Advisory LLP reports a positive momentum in Uzbekistan following the closing of a OeEB (the Austrian Development Bank) financing for Asia Alliance Bank.
The USD 15 million facility will further enhance access to finance for MSMSMEs, enterprises led by women and green economy projects in Uzbekistan, signalling increasing international interests in Uzbekistan’s private sector and banking industry.
This transaction also enhances EMGA’s position as a promoter of cross-border financing transactions in emerging markets, Mostly in areas related to economic development, sustainability, and financial infrastructure.
Umidjon Abduazimov, CEO of Asia Alliance Bank, commented on the transaction, saying, “This new USD 15 million facility is an important step in the Bank’s continued development and will support the expansion of financing for MSMEs, women’s entrepreneurship, and green projects in Uzbekistan, which are increasingly important to the country’s economy. This transaction also reflects the Bank’s continued growth, diversification of its international funding sources, and its commitment to supporting the sustainable development of the private sector in Uzbekistan. At the same time, this partnership demonstrates the growing confidence of international development finance institutions in Asia Alliance Bank, as well as in the banking sector and the overall economic potential of Uzbekistan.”
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This agreement will enable EMGA to really establish itself as the main facilitator of not only cross-border financing transactions but also those that are done for promoting emerging markets which mainly concern sectors that are related to economic development, sustainability, and financial infrastructure.
Commenting on the transaction, Sabine Gaber, CEO and Member of the Executive Board of OeEB, said, “Our partnership with Asia Alliance Bank is a perfect fit for us as it reflects three key priorities in our strategy: expanding access to finance for underserved MSMEs, promoting gender equality through support for women-owned businesses, and increasing green finance investments that contribute to more sustainable economic development. Through this investment, we hope to drive long-term economic inclusion, strengthen economic resilience, and create more jobs across Uzbekistan.”
The deal further strengthens EMGA’s role in facilitating cross-border financing transactions in emerging markets, particularly in sectors tied to economic development, sustainability, and financial infrastructure.
Sajeev Chakkalakal, Managing Director and Head of Investment Banking at Emerging Markets Global Advisory LLP (EMGA), said, “We are delighted to be working on this inaugural transaction with AAB and bringing this innovative financing to the MSME and green sectors of Uzbekistan’s economy. Furthermore, we welcome the opportunity to once again partner with OeEB, a leading development finance institution (DFI) and a long-standing investor in our transactions worldwide.”
There is more and more interest internationally in the banking sector of Uzbekistan lately because the country is reforming its economy and introducing more opportunities for the growth of private sector and foreign investment.
Jeremy Dobson, Managing Director and Head of Operations at Emerging Markets Global Advisory LLP (EMGA), commented, “AAB is one of the fastest growing banks in Uzbekistan’s highly competitive banking sector, and we are proud to support this next step in their growth journey.”
