The Central Bank as the national coordinator has developed the National Charter for the implementation of the international initiative Women’s Entrepreneurship Financial Code. This document will serve as a foundational framework for building an institutional approach aimed at creating an enabling environment to support and foster women’s entrepreneurship across the country.
The National Charter under the We-Finance Code will unite stakeholders in Uzbekistan to build a sustainable ecosystem, promote evidence-based gender policies, showcase the country’s reform achievements on the international stage, and strengthen the country’s global image. Besides, the We-Finance Code will enable signatories to expand international cooperation, share best practices, and support products tailored for women entrepreneurs.
In addition, а National coalition composed of financial market participants and led by the Central Bank of the Republic of Uzbekistan carried out a comprehensive and coordinated effort to develop and approve Commitment Letters. These Сommitment letters signed by all participants provide a clear framework for coordinating efforts and defining responsibilities. They also set qualitative goals supported by measurable indicators aimed at advancing women's financial inclusion.
The We-Finance Code initiative is currently being implemented in over 30 countries worldwide. In Central Asia, it is actively promoted in Uzbekistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Mongolia. Notably, Uzbekistan is among the first countries in the region to finalize the development of its national Charter.
The development of Uzbekistan’s National Charter was carried out in close cooperation with the European Bank for Reconstruction and Development and the international consulting company ConsumerCentriX.
Throughout the process, extensive consultations were held with representatives from the financial sector and relevant government ministries, enabling the incorporation of a broad range of perspectives and practical considerations related to the implementation of the initiative.
This comprehensive effort included an in-depth analysis of the current state of women’s entrepreneurship in Uzbekistan and the challenges they face, based on research and surveys conducted by the international consulting company McKinsey and UNDP.
About the National Charter
The National Charter reflects Uzbekistan’s priorities and objectives in implementing the international We-Finance Code initiative and serves as a national guide for applying its key principles. The document details:
· The fundamental principles and objectives of the National Charter;
· The roles of government bodies, banks, microfinance organizations, and the non-governmental sector in providing institutional support for women’s entrepreneurship;
· Mechanisms for monitoring, evaluation, and reporting within the implementation of the We-Finance Code principles;
· Criteria for participant selection and the procedures for their involvement in the initiative.
All participants of the WE Finance Code, acting within their authority and commitments, will make a meaningful contribution to the shared goal of promoting financial inclusion and advancing equal opportunities for women.
Commitment Letters 17 participants of the We-Finance Code
Аgrobank, Turon bank, Aloqa bank, Xalq banki, Milliy bank, Asaka bank, MKbank, Hamkorbank, SQB, BRB, Ipak Yo‘li banki, Imkon Finans, Renesans, OASIS Kredit, NAMI, Sabr mikromoliya tashkiloti, FinTech.
Reference: Women Entrepreneurs Finance Initiative, officially launched in October 2023 at the Annual Meetings of the World Bank and IMF, is an international effort to expand women entrepreneurs' access to financing by uniting financial institutions, regulators, international organizations, and the private sector.
In accordance with a Memorandum of Understanding signed in 2024 between Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), and Tanzila Narbayeva, Chairperson of the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Central Bank of the Republic of Uzbekistan has been appointed as the main coordinator for implementing the We-Finance Code initiative in the country.
