Uzbekistan: introduction of the Financial Code for Women's Entrepreneurship starts

The Central Bank of Uzbekistan has launched a new initiative aimed at systematic support for women's entrepreneurship-the introduction of the Financial Code for Women's Entrepreneurship (We-Finance Code). The document was the result of cross-sectoral cooperation and was signed by representatives of 11 commercial banks, four microfinance organizations, the Association of Fintech Companies and the National Association of Microfinance Organizations of the Republic.

The document developed by the Central Bank of Uzbekistan reflects the principles aimed at creating a sustainable ecosystem of support for women in business. It covers financial and non-financial facilitation measures, including lending, educational programs, mentoring, export support, and product development for small and medium-sized businesses headed by women.

The Code provides for a monitoring mechanism-collecting gender-disaggregated statistics and evaluating the effectiveness of implemented programs. It defines the key roles of the State, the private sector and public organizations in creating a favorable business environment for women.

The initiative has an international scale. The implementation of the We-Finance Code is supported by a number of global institutions and is already being implemented in 30 countries around the world. Uzbekistan's participation in this process reflects a strategic focus on women's economic empowerment, including through the digitalization of financial services and access to new sources of capital.

The accession of the banking and microfinance sectors to the code demonstrates a high level of involvement of financial institutions in the development of gender-sensitive approaches in the economy. In the long run, this should contribute not only to the expansion of women's entrepreneurial activity, but also to the growth of the contribution of women's business to the country's GDP.