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UNDP efforts towards microfinance development in Uzbekistan

Uzbekistan. UNDP efforts towards microfinance development in Uzbekistan. 9-11 November 2005 Almaty, Kazakhstan. BUILDING SUSTAINABLE MICROFINANCE IN RBEC Community of Practice Workshop. UNDP introducing microfinance in Uzbekistan.

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UNDP efforts towards microfinance development in Uzbekistan

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  1. Uzbekistan UNDP efforts towards microfinance development in Uzbekistan 9-11November 2005 Almaty, Kazakhstan BUILDING SUSTAINABLE MICROFINANCE IN RBEC Community of Practice Workshop

  2. UNDP introducing microfinance in Uzbekistan • In 1998 first pilot micro-credit schemes were launched in Karakalpakstan and Kashkadarya regions • UNDP established three pilot microfinance projects with Kashkadarya region and Karakalpakstan branch offices of Business Women’s Association and specialized NGO “Daulet”, provided initial loan funds ($116,000), training and technical assistance for capacity building Consolidated performance indicators as of 30 Sept 2005: • Policy level: Development of enabling regulatory framework for non-banking microcredit operations (Resolution #309)

  3. Lessons learned • A wide range of national institutions are required • Coordination of efforts among donors, MFIs & Government bodies is a necessity • Microfinancing is to be in line with Government’s macroeconomic strategy • From operational to strategic vision in MFIs management • Lack of awareness and access to information • Challenges in expanding the geographical outreach of MF services to the distant regions of Uzbekistan

  4. Meeting the challenges of MF development during the International Year of Microcredit, 2005 • Joining the quality efforts of all key stakeholders • National Committee established • Study tour of rural microfinance organizations • Conference of MFIs in CEE and NIS in Bucharest, Romania • Building a strong legislative baseacknowledging microfinance as an efficient tool in implementation of the Government reforms: • sociological survey of microfinance sector; • comprehensive national report on Microfinance development in Uzbekistan; • Promoting legal reforms - draft Resolution of the Cabinet of Ministers “On measures for further development of microfinance in Uzbekistan”; • Law on “Microcredits and microcredit organizations” developed and being currently considered in the Parliament

  5. Meeting the challenges of MF development during the International Year of Microcredit, 2005 • Increasing access to information: • launch of www.microfinance.uz national web portal, conducting on-line forums on essential issues of MF • Development of Policy briefs - concise analytical summaries for policy decision makers, development stakeholders, donor community representatives and others • Diversifying MF services: • Piloting innovative microfinance projects with ‘Shakhrisabz’ Business Incubator, Kashkadarya region & micro-leasing project with ‘Angor’ Business Incubator, Surkhandarya region

  6. To be continued…. toward achieving poverty reduction and efficient mechanisms of financial mediation • Building institutional capacity of MFIs: • Trainings for MFIs (Manual on MF) • Introduction of new MF services • Providing wider access to external financial resources • MF as a tool toward enhancement of living standards: • PRSP • Agriculture sector reform • Micro and small business development => Area based development in themost poor regions of Uzbekistan

  7. Thank you!For additional information please visit: www.microfinance.uz Uzbekistan

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