Support for SMEs and Green Projects in Uzbekistan
Emerging Markets Global Advisory LLP (EMGA) has secured USD 15 million in financing from OeEB, the Development Bank of Austria, for Asia Alliance Bank in Uzbekistan. The announcement was made on May 21, 2026.
The funding will support the expansion of financing for small and medium-sized enterprises (SMEs), women entrepreneurship, and green projects in Uzbekistan. Asia Alliance Bank’s CEO, Mr. Umidjon Abduazimov, highlighted the importance of this facility, saying, “This new USD 15 million facility represents an important step in the Bank’s ongoing development and will support the further expansion of financing for SMEs, women entrepreneurship, and green projects in Uzbekistan.”
International Confidence in Uzbek Banking
OeEB’s CEO, Sabine Gaber, remarked on the alignment of the partnership with Asia Alliance Bank with OeEB’s strategic priorities. She stated, “Our partnership with Asia Alliance Bank is a strong fit for us, as it combines three key priorities of our strategy.” The investment aims to bolster economic inclusion and resilience across Uzbekistan.
Sajeev Chakkalakal, Managing Director of EMGA, expressed satisfaction with the collaboration. He mentioned that EMGA played a crucial role in facilitating innovative financing for the SME and green sectors within Uzbekistan’s economy.
Asia Alliance Bank has been expanding its international partnerships and digital banking capabilities. Established in 2009, the bank offers a wide range of banking services and has been recognised for its support of entrepreneurship, international trade, and private sector development.
Jeremy Dobson, Managing Director and Head of Operations at EMGA, observed that Asia Alliance Bank is a fast-rising player in the highly competitive Uzbek banking sector. He stated, “AAB is a fast-rising player in the highly competitive Uzbek banking sector, and we are proud to have enabled another step in their growth curve.”
OeEB was founded in March 2008 as the development bank of the Republic of Austria. The bank has a public mandate and works for better living conditions in developing countries, being present in various markets.
