allworld.mediaNews from all over the world
Eurasian Development Bank increases funding for Uzum to $100 million
Read more
UzDaily
uzdaily.uz

Eurasian Development Bank increases funding for Uzum to $100 million

The Eurasian Development Bank (EDB) has increased the financing volume for Uzbekistan's national digital ecosystem, Uzum, from $70 million to $100 million USD. These additional funds are intended for the development of fintech business and the scaling of digital financial services.

The initial lending agreement between EDB and Uzum was signed in May 2026 and marked the bank's first investment in Uzbekistan after the country joined the organization. The new funding will allow Uzum to continue developing its fintech infrastructure and expanding digital financial services for both individuals and small and medium-sized businesses across the country.

The company reported that Uzum Bank became a leader in issuing bank cards in 2026. More than half of orders on the Uzum Market marketplace are paid for using the ecosystem's own financial services.

Sergey Ignatov, Senior Managing Director of EDB, noted that expanding partnerships with industry leaders reflects EDB's plans to increase the scale of its operations in Uzbekistan. He emphasized that digital platforms are a key element of economic infrastructure, and by financing their growth, the bank is investing not just in one company, but in the technological connectivity of the region and the accessibility of financial services for millions of people.

Uzum founder and CEO Jasur Jumaev stated that the increased funding demonstrates investor confidence in the company's strategy and effectiveness. He added that they are creating a national-level fintech infrastructure used by millions daily, and it is particularly important to them that alongside Uzum's growth, the volume of international capital directed to Uzbekistan's digital economy also increases.

The company also noted that the development of cashless payments, digital banking services, and high youth engagement contribute to the further growth of the fintech sector and the digital economy of Uzbekistan.

EDB operates as a multilateral development bank conducting investment activities in the Eurasian region. As of the end of June 2026, the bank's accumulated portfolio included 348 projects with a total investment volume of $22.1 billion. The majority of this portfolio is concentrated in the areas of transport infrastructure, digital systems, green energy, agriculture, industry, and mechanical engineering.

Under EDB's Strategy for the period 2022–2026, the bank is implementing three mega-projects: the 'Central Asian Water and Energy Infrastructure Complex,' the 'Eurasian Transport Framework,' and the 'Eurasian Commodity Distribution Network.' Uzum integrates fintech, e-commerce, and banking services for individuals and enterprises; according to provided data, over 20 million residents of Uzbekistan use the ecosystem's services monthly.

Similar stories

Uzbekistan's external debt reached $84.1 billion by July
Read more
uzdaily.uz

Uzbekistan's external debt reached $84.1 billion by July

According to the Central Bank's review of the balance of payments, international investment positions, and external debt, Uzbekistan's total external debt increased by $1.9 billion between January and June 2026, reaching $84.1 billion as of July 1.

In the first half of the year, trends from previous periods persisted in the external sector, driven by growth in goods exports (excluding gold and services), an increase in international remittances, and continued inflow of foreign investments.

Tashkent, Uzbekistan

The current account deficit for the first half of the year amounted to about $6.2 billion. This exceeds the figure for the first quarter, which was $5.79 billion, indicating an increase in the deficit by approximately $410 million in the second quarter.

The main factor remained the negative trade balance, which reached $13.4 billion in January-June, compared to $8.3 billion in January-March.

Total exports for the first half of the year were $15.4 billion, which is 8.6% less than in the same period last year. In the second quarter, exports reached about $9.8 billion, while in the first quarter they were $5.6 billion. The year-on-year decrease was mainly due to reduced gold sales; however, exports of goods excluding gold grew by 27%, and service exports grew by 45%.

Meanwhile, imports continued to rise, increasing by 24% over the first six months to $28.8 billion. In the second quarter, imports reached approximately $14.9 billion compared to $13.9 billion in January-March. The main categories of imports were machinery and equipment, vehicles, chemical and mineral products, and food products.

The trade deficit was partially offset by positive primary and secondary income balances. Their balances for the first half of the year were $1.9 billion and $5.3 billion, respectively. In the first quarter, secondary income showed a positive balance of $2.5 billion, while primary income recorded a deficit of $43 million.

The current account deficit was financed by operations with direct, portfolio, and other investments, as well as other sources.

Net inflows of foreign direct investment for the first half of the year amounted to $2.3 billion, with about $1.6 billion received in the second quarter. Net inflows of portfolio investments reached approximately $2 billion compared to $4.1 million in the first quarter. Other investments recorded a net inflow of about $1.5 billion, of which about $400 million came in the second quarter. As a result, the financial account deficit increased from $5 billion in the first quarter to $7.5 billion for the first half of the year.

The country's international investment position also changed. In the second quarter, Uzbekistan's net international investment position decreased by $8.3 billion, falling from $21.6 billion as of April 1 to $13.3 billion as of July 1. Overall, the decline since the beginning of the year was 34%.

Residents' external assets decreased by $1.1 billion in the first half of the year, whereas in the first quarter they increased by $2.6 billion. Thus, the decrease in the second quarter was about $3.7 billion. Asset dynamics were influenced by lower global gold prices, which led to a reduction in international reserves by $2.5 billion. Simultaneously, assets related to direct and other investments increased by $1.4 billion.

Residents' external liabilities increased by $5.8 billion in January-June. The growth in the first quarter was $534 million, and in the second quarter—about $5.3 billion.

As of July 1, Uzbekistan's government external debt stood at $41.7 billion compared to $40.5 billion as of April 1. Corporate external debt during the same period grew from $41.7 billion to $42.4 billion. In total, the country's external debt reached $84.1 billion, higher than the $82.2 billion recorded in the previous quarter.

The Central Bank clarified that the corporate part of external debt includes private sector borrowings without state guarantees, and the government does not bear obligations for such borrowing, which is repaid using the companies' and banks' own funds.

Meanwhile, an International Monetary Fund statement noted Uzbekistan's low debt burden, emphasizing that a significant portion of the country's external loans was attracted on favorable terms.

Popular