Microfinance Development in Uzbekistan
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World Bank, Washington, DC
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The Government of Uzbekistan has
requested the World Bank to provide observations and
recommendations for development of the microfinance market
in Uzbekistan. This includes credit unions and microfinance
organizations (MFOs), and touches on ‘consumer lending’ or
small loans originated by commercial banks. For purposes of
this Policy Note, the discussion focuses on issues
pertaining to the non-bank institutions active in
microfinance, as well as those that relate to the banks’
existing efforts in this segment of the market. There is no
particular focus on other groups, such as micro-leasing,
micro-savings, micro-insurance, or agricultural credit
cooperatives that are often included in separate categories,
because they either are not active in Uzbekistan or data are
not available for them. Current legislation envisions some
of these activities unfolding, namely micro-leasing and
micro-insurance. However, as of late 2006, early 2007, these
were not included as part of the assessment. This policy
note on microfinance does not address larger issues
regarding the macro-economy or banking sector, as this
discussion falls outside the scope of understanding between
the Government of Uzbekistan (henceforth GoU) and the Bank.
At the same time, there are references to some of the key
macro and structural issues that impact developments in
microfinance, namely inflation and interest rates at the
macro level, and the incentive framework for banks and
non-banks specific to microfinance.
Palabras clave
microfinance, credit market, banking, profitability, insurance, credit unions