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Economics

Ipak Yuli Bank signed agreements worth $80 million with three leading European financial institutions

Ipak Yuli Bank has signed cooperation agreements with three leading European financial institutions - Austria's Oesterreichische Entwicklungsbank AG, Italy's Cassa Depositi e Prestiti S.p.A., and the Allianz Credit Emerging Markets Fund S.A., SICAV-RAIF, managed by Luxembourg's Allianz Global Investors.

Ipak Yuli Bank signed agreements worth $80 million with three leading European financial institutions

Within the framework of the concluded agreements, the total volume of financing amounts to 80 million US dollars. These funds will be directed towards expanding financing opportunities for businesses across Uzbekistan.

The funds will primarily be spent on financing micro, small, and medium-sized businesses.

The concluded agreements will expand Ipak Yuli Bank's capabilities to support the private sector in Uzbekistan and contribute to the sustainable development of the economy. The allocated funds will serve to support energy efficiency and other "green" projects, as well as to expand financing opportunities for women-owned businesses across Uzbekistan.

Ipak Yuli Bank's new partners have extensive experience in financing the private sector and sustainable development projects. OeEB and CDP are the development finance institutions of Austria and Italy, respectively, while Allianz Global Investors specializes in asset management and providing investment solutions.

Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the development bank of Austria since 2008. OeEB specializes in the long-term financing of private sector projects in developing countries. These projects contribute to sustainable economic development.

Along with financial assistance, OeEB also provides technical assistance that helps increase the social and economic impact of the projects.

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