VIENNA, October 10. /Dunyo IA/.   Austrian and European financial institutions will provide $80 million to Uzbekistan’s “Ipak Yuli” Bank to finance small and medium-sized businesses, support women’s entrepreneurship and fund environmental projects, reports Dunyo IA correspondent.

This was reported by the Austrian specialised online publication “Extrajournal.Net” in an article covering the legal advisory services provided by the international law firm CMS in connection with the transaction.

“CMS” acted as lead legal adviser to the three financial institutions involved in providing the financing: Austria’s development bank, “Oesterreichische Entwicklungsbank AG” (OeEB); Italy’s “Cassa Depositi e Prestiti S.p.A.” (CDP); and the “Allianz Credit Emerging Markets Fund”, managed by “Allianz Global Investors”.

According to the publication, 35% of the funds is earmarked for women-owned businesses, while a further 30% will be allocated to “green” projects and environmentally sustainable initiatives.

Marcell Clark, a lead partner at the Vienna office of “CMS”, noted that the transaction demonstrates growing interest among international financial institutions and investors in the sustainable development of Uzbekistan’s private sector.

Financing is expected to expand Uzbek businesses’ access to credit, support the development of women’s entrepreneurship and promote the adoption of environmentally sustainable business solutions.