OPEC Fund provides US$35 million loan to Asaka Bank to support food security and climate action in Uzbekistan - OPEC Fund for International Development
Summary
March 10, 2025: The OPEC Fund for International Development (the OPEC Fund) is extending a US$35 million loan to Uzbekistans State Joint-Stock Company Asaka Bank (Asaka Bank) to enhance food security and expand financing for climate action projects in the Central Asian country. As the sector faces challenges such as extreme weather events, water scarcity and limited access to finance, strengthening financial support for small-scale farmers can create far-reaching benefits.Asaka Bank will on-lend the OPEC Funds loan to small and medium-sized enterprises and agribusinesses, enabling them to access essential financing for growth. The OPEC Fund partners with Asaka Bank through its risk-sharing program with international financial institutions.The OPEC Fund has been a longstanding partner of Uzbekistan for 25 years, supporting nearly 30 public and private sector projects with a total loan volume of US$800 million to date. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education.