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

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ADBI Working Paper Series 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SMALL AND MEDIUM-SIZED 
ENTERPRISE FINANCE IN UZBEKISTAN: 
CHALLENGES AND OPPORTUNITIES 
Dildora Tadjibaeva 
No. 997 
September 2019
Asian Development Bank Institute 

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Suggested citation: 
Tadjibaeva, D. 2019. Small and Medium-Sized Enterprise Finance in Uzbekistan: 
Challenges and Opportunities. ADBI Working Paper 997. Tokyo: Asian Development Bank 
Institute. Available: https://www.adb.org/publications/small-medium-sized-enterprise-finance-
uzbekistan-challenges-opportunities 
Please contact the authors for information about this paper. 
Email: [e-mail] 
 
 
 
Dildora Tadjibaeva is an associate professor at the National University of Uzbekistan. 
The views expressed in this paper are the views of the author and do not necessarily reflect 
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ADBI Working Paper 997 
D. Tadjibaeva 
Abstract 
Uzbekistan set an ambitious goal to achieve the status of an upper-middle-income country by 
2030, with the focus on growing a large and solid middle-class social stratum. The current 
reforms in Uzbekistan largely target the development of small businesses and private 
entrepreneurship (SME) as SMEs have the greatest potential for becoming a real basis for 
forming a middle class. This paper provides an overview of small business development in 
Uzbekistan, highlighting the evidence of social economic importance of the SME, and 
discusses the current status and perspectives of SME policy. The paper also describes the 
availability of and gaps in SME financing, discusses the key issues of SME finance and current 
financial literacy programs available in the country, including SME literacy program delivery. 
Among others, the paper explores the special focus on SME participation in the global value 
chain and accessibility of value chain financing.
The study results in a set of recommendations aimed to improve access to finance among 
SMEs and facilitate the development of a more competitive market economy in Uzbekistan.