SIFEM, the Swiss Investment Fund for Emerging Markets, has committed USD 10 million to Ipak Yuli Bank, the fourth largest privately-owned commercial bank in Uzbekistan. This investment aims to support the bank’s growth in lending to micro, small, and medium-sized enterprises (MSMEs) as well as expanding its services to climate-related sectors.

Founded in 2003, Ipak Yuli Bank has evolved from a traditional corporate lender to a key financial institution for MSMEs, which now make up two-thirds of its lending portfolio. The bank intends to increase its offering in climate-focused sectors, aligning with Uzbekistan’s target of significantly reducing greenhouse gas emissions by 2030.

MSMEs are a critical driver of Uzbekistan’s economy, contributing to over 50% of GDP and providing essential job opportunities for the country’s young and growing population. This investment by SIFEM will help strengthen the role of MSMEs in job creation, while also supporting financing solutions for energy transition efforts. Ipak Yuli Bank’s commitment to global operating standards and its position in one of SIFEM’s priority regions makes this partnership a strategic contribution to portfolio diversification in Central Asia.