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Uzbekistan’s Credit Unions Continue To Grow

As of March 31, the 18 USAID-supported credit unions reported 8 billion Uzbek Soums (approximately US $6.6 million) in assets. Their deposits and share payments total 6.75 billion Soums, while the sum of issued credits is an estimated 6.8 billion Soums (approximately US $5.6 million). These figures were announced by the Uzbekistan Credit Unions' Association, also supported by USAID, at a recent quarterly meeting of the heads of credit unions.

Currently there are 28 credit unions with nearly 38,400 members in Uzbekistan, nearly a 200% increase since last year. The membership of the largest credit union, Sherdor, is nearly 5,000. USAID has been supporting credit unions in Uzbekistan since the beginning of the credit union movement in 2002.  USAID’s Development of Saving and Credit Unions Project, implemented by the World Council of Credit Unions, assisted in creating the credit unions, and continues to provide support to improve their services.

Also, with USAID assistance, the Association of Credit Unions of Uzbekistan was formed in June 2005.  The Association assists the development of legal documents to stimulate credit union activity and to train staff.

Credit unions provide access to financing for thousands of small businesses in Uzbekistan Photo Credit: WOCCU

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