In September 2023, the Foundation took another significant step forward by investing for the first time in a new country: Uzbekistan, located in Central Asia. A first loan of 1 million Euros in local currency was granted to the microfinance institution Renesans.
The Foundation chose to operate in Uzbekistan because the country enjoys a relatively high degree of social and economic stability. However, a large proportion of the population remains under-banked, and living standards remain relatively low despite abundant natural resources and a strong agricultural sector.
This support for Renesans deepens the Foundation’s presence in Central Asia, with currently 10 partners supported in Tajikistan, Kazakhstan, Kyrgyzstan and Georgia. Renesans was created in 2007 with the mission of providing accessible financial services to women entrepreneurs and self-employed workers in rural areas. Its ambition is to become a leading microfinance institution in all regions of the country.
The MFI operates mainly in the Tashkent region in the north-east of the country and in Karakalpastan in the north-west, but aims to expand rapidly to cover all regions of the country through a network of 10 branches and 103 employees.
To date, the institution has almost 7,195 customers, 54% of whom are women, and operates mainly in rural areas, accounting for 76% of its clientele.
The Foundation’s funding will enable Renesans to grant loans to a number of small entrepreneurs, promoting the country’s economic growth.