Small and Medium-Sized Enterprise Finance in Uzbekistan: Challenges and Opportunities

 
 

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ADBI Working Paper 997 
D. Tadjibaeva 
11 
Table 3: Profile of Small Business and Microfinance Lending by the Banks 
Small Business and Microfinance Loans
as % of GDP 
2012 
2013 
2014 
2015 
2016 
2017 
Microfinance (up to $20,000) 
1.1% 
1.1% 
1.3% 
1.5% 
1.7% 
1.6% 
Small business
5.6% 
5.9% 
6.3% 
7.1% 
8.0% 
7.9% 
Small business loans in total loans (%) 
2012 
2013 
2014 
2015 
2016 
2017 
Microfinance (up to $20,000) 
5.5% 
5.3% 
5.9% 
6.4% 
6.3% 
3.6% 
Small business
28.7% 
27.3% 
28.5% 
30.5% 
30.2% 
17.7% 
Growth rates of small business and 
microfinance loans (%) 
2012 
2013 
2014 
2015 
2016 
2017 
Microfinance(up to $20,000) 
n/a 
33.5% 
39.6% 
32.5% 
31.6% 
20.7% 
Small business
n/a 
30.6% 
31.2% 
32.3% 
31.0% 
23.3% 
Loans for small business and 
microfinance (amount), SUM billion 
2012 
2013 
2014 
2015 
2016 
2017 
Microfinance (up to $20,000) 
1,023 
1.366 
1,907 
2,527 
3,326 
4,015 
Small business
5,346 
6,982 
9,158 
12,113 
15,870 
19,565 
Source: Central Bank of Uzbekistan. 
Figure 12 shows that there was almost no change in the sectoral structure of small 
business loans over 2016–2017. While the share of industry and agriculture increased 
from 26% to 28% and from 14% to 16%, respectively, the share of trade fell from 27% to 
20% and small business loans to the services sector stayed at 7% of total lending to 
small business.
As Figure 13 illustrates there is a disproportionate regional distribution of SME loans: 
small business lending in Tashkent cit
y kept its leading position over 2012−2017 due to 
most small businesses being concentrated in the capital. Following Tashkent city, the 
significant volumes of small business loans are continued to be disbursed by the 
Samarkand, Tashkent, Andijan and Fergana regions.