Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

As part of the 2025 Tashkent International Investment Forum, a panel session titled “Shariah-Compliant SME On-Funding via Approved Financial Instruments: Catalyzing Growth in Uzbekistan” was held. The session discussed the role of ethical, halal, and innovative financial mechanisms in developing small and medium-sized enterprises (SMEs) in Uzbekistan.

Moderated by Bahrom Numanov, Chairman of the Islamic Finance Association of Uzbekistan, the session also featured the presentation of the Economic Empowerment Fund of Uzbekistan (EEFU), a $100 million initiative financed by major international financial institutions such as the Islamic Development Bank Group, the Saudi Fund for Development, and Uzbekistan’s Fund for Reconstruction and Development. The project aims to expand opportunities for small businesses through Shariah-compliant financial instruments.

Speakers of the panel included:

• Jan Cherim, Managing Director, GIC member, SEAF
• Gary Dodj, Managing Director, GIC member, SEAF
• Nikolay Yarmov, Founder & CEO, CEED
• Soumendra Rout, Country Director at ACWA Power
• Ali Khan, Country Operations Manager, ISDB Regional Hub, Kazakhstan
• Kapil Lalvani, Chief Development Officer, Vision Invest
• Olim Yusupov, Deputy Executive Director, Fund for reconstruction and development of Uzbekistan

Jan Cherim, Managing Director at SEAF and GIC Member, emphasized that SMEs are the backbone of any economy, noting that “Small and medium enterprises are the foundation of every economy. Jobs, new ideas, and innovations come from these smaller entrepreneurs. This is particularly true for Uzbekistan, where we see great potential for SMEs to grow through strategic investment in people and technology.”

Ali Khan, from the Islamic Development Bank, discussed the significance of economic opportunities, saying: “When we talk about economic opportunities, it’s far more than just financial inclusion. There are several key factors that ensure the success of the Economic Opportunities Program. It’s not just about economic development, but also about ensuring that the private sector benefits.”

He also stressed the importance of close collaboration with the government in financing initiatives: “In our experience, in many countries, most of the funds allocated are directed toward rural areas, where many lack opportunities to sell their products or find partners. It is crucial to create supporting infrastructure and market access. If markets are open and accessible, entrepreneurs will benefit, and private investment will follow.”

Soumendra Rout, Country Director at ACWA Power, the largest investor in Uzbekistan's energy sector, stated that a total of 5 billion USD has been invested in 19 projects across Uzbekistan.

“We do not intend to stop here. Our goal is to increase the volume of investment. At this year's Tashkent International Investment Forum, we are planning to sign another contract worth 5 billion dollars with the government” emphasized Soumendra Rout.

He further added that ACWA Power’s expertise in Shariah-compliant financing could play a key role in developing SMEs, emphasizing: “Shariah-compliant financial instruments can do even more to support the development of small and medium-sized businesses than traditional financial instruments. We are ready to share our experience with Uzbekistan.”

Participants also discussed the investment appeal of Shariah-based financing, its advantages in providing sustainable business support, and the prospects for implementing this model more widely in Uzbekistan.

This session became another crucial step toward building a fair and inclusive financial system in the country.