BAKU, Azerbaijan, Aug. 28
By Ilkin Seyfaddini - Trend:
German Financial Development Institute(DEG) and Dutch Triodos Investment Management (through its Triodos Microfinance Fund) have invested about $25 million in the share capital of Ipak Yuli Bank, Trend reports citing Uzbek Bank.
“Investors acquired an equal minority interest in the share capital by purchasing newly issued shares. For them, this is the first investment in the share capital of the Bank in Uzbekistan. The investments will be used to strengthen the capital base of the Bank, as well as to meet the financial needs of private sector companies in Uzbekistan,” the message said.
For almost 60 years, DEG has been offering private companies in developing countries and countries with economies in transition individual solutions, including financing, promotion programs, and consultations tailored to individual needs. It is one of the world's largest private-sector financiers with a portfolio of nearly nine billion euros in 80 countries.
Triodos Investment Management has been investing for 25 years in sectors such as energy, climate change, financial inclusion, sustainable food production, and agriculture. It has invested in social transformation projects, with more than 750 investments in 50 countries. Triodos IM is a wholly-owned subsidiary of Triodos Bank NV, founded in 1980, with assets under management worth €4.9 billion (end of June 2020).
Earlier, International Financial Corporation (IFC) and Ipak Yuli Bank of Uzbekistan signed an agreement allowing the bank to better manage currency risks and increase local currency financing for small and medium-sized enterprises, which play a key role in the economic development of Uzbekistan.
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