EMGA arranges funding from OeEB, CDP and Allianz Global Investors

Ipak Yuli Bank has secured an $80 million club loan financing in Uzbekistan, with Emerging Markets Global Advisory LLP acting as lead arranger.

The funding comes from OeEB, CDP and Allianz Global Investors. EMGA finalised the transaction on 15 September 2026.

According to EMGA, the facility is designed to expand Ipak Yuli’s SME, Gender and Green portfolios. That means the money is aimed at small and medium-sized businesses, women-owned businesses and green investment.

Ipak Yuli chief executive Umidjon Khakimov said the deal strengthens the bank’s relationship with EMGA and adds new international funding partners. He said the loan will diversify the bank’s funding base and help it support more clients and businesses in Uzbekistan.

EMGA structured the latest facility

Sajeev Chakkalakal, EMGA’s head of investment banking and managing director, said EMGA structured the latest facility for Ipak Yuli. He described it as a complex transaction and said EMGA’s existing ties with Ipak Yuli and the development finance institutions helped complete it.

Jeremy Dobson, another EMGA managing director, said the financing gives Ipak Yuli further diversification in its funding sources.

OeEB chief executive Sabine Gaber said the Austrian development bank acted as catalyst and lead in the transaction, bringing in two additional development finance institutions. She said the deal is intended to improve access to finance for businesses that support sustainable growth, climate action and broader economic inclusion.

Gaber also said OeEB is partnering with one of Uzbekistan’s leading banks to back MSMEs, green investment and women-owned businesses. OeEB has operated as the Development Bank of Austria since March 2008 and focuses on long-term finance for private sector projects in developing countries.

CDP also joined the financing. Pietro Loy Donà, head of financial institutions – development finance at CDP, said the Italian development finance institution is supporting Ipak Yuli’s work with businesses and entrepreneurs across Uzbekistan.

Ipak Yuli is a joint-stock commercial-innovation bank established in December 1990. It provides services to individual entrepreneurs, small and medium-sized businesses, state organisations and institutions, and corporate customers.

Alongside standard banking and credit operations, the bank also handles leasing, factoring and project financing. It also carries out operations with cash and non-cash currency funds and stock market operations on behalf of clients.

The companies did not disclose the loan tenor, pricing or how the $80 million will be split between the three funders.