Ipak Yuli Bank Attracts $80 Million from Austrian and European Investors

Uzbekistan's Ipak Yuli Bank will receive $80 million from three European financial institutions: Austrian development bank Oesterreichische Entwicklungsbank AG, Italian Cassa Depositi e Prestiti S.p.A., and Allianz Credit Emerging Markets Fund managed by Allianz Global Investors.

International law firm CMS served as legal counsel for all three transaction participants. Marcel Clark, senior partner at CMS's Vienna office, noted that the transaction reflects growing interest among international financial institutions and investors in sustainable development of Uzbekistan's private sector.

Under the agreement terms, 35% of funds are earmarked for enterprises managed by women, while another 30% will go to environmental projects and sustainable development initiatives. The remainder will be directed toward financing small and medium-sized businesses.