Tashkent, Uzbekistan (UzDaily.uz) — The World Bank Group mobilised US$1.2 billion in private capital in Uzbekistan in fiscal 2026, bringing the total amount mobilised since 2022 to approximately US$3.5 billion. The funds have supported energy, industry, entrepreneurship and financing for micro, small and medium-sized enterprises, the World Bank Group's press service said.
Private capital mobilisation involves attracting investment from private investors to finance key development projects. According to the World Bank Group, national development priorities require resources beyond the capacity of government budgets. The organisation helps develop markets, structure projects and mitigate risks while attracting additional capital through its own financing, guarantees and partnerships.
The largest amount of private capital is expected to be mobilised through a structural reform support programme comprising a series of operations titled Advancing Uzbekistan's Global Integration and Market Transformation. The programme aims to mobilise US$1.565 billion in private capital. In addition to attracting investment, it supports Uzbekistan's transition to an inclusive and sustainable market economy, deeper integration into the global economy, private-sector growth, job creation and the shift towards a green economy.
Under the Financing for Job Creation and Economic Growth (FINGROW) project, US$100 million has been allocated to reform and expand the partial credit guarantee scheme operated by the Entrepreneurship Development Company. The funding will also support the establishment of a private equity fund for fast-growing companies and women-led businesses. The project is expected to attract an additional US$500 million in private capital and create 100,000 jobs.
The International Finance Corporation (IFC) mobilised approximately US$650 million in Uzbekistan in fiscal 2026 across the energy, industrial and small-business financing sectors.
The IFC acted as the lead transaction adviser for the country's first electricity distribution concession and conducted an international tender. Turkish company Aksa Enerji was awarded a 30-year concession to modernise Samarkand's electricity distribution network. By 2030, the project is expected to attract approximately US$357 million in private investment, improve the reliability of electricity supplies and significantly reduce network losses.
The Multilateral Investment Guarantee Agency (MIGA) provided guarantees totalling approximately US$708 million to international commercial lenders and swap providers financing the construction of the 1.5-gigawatt Syrdarya power plant.
In the financial sector, MIGA-backed financing enabled Uzbekistan's National Bank to secure a €114 million loan to expand access to finance for small and medium-sized enterprises. This initiative is complemented by a US$90 million trade finance facility for Mikrokreditbank.
World Bank Group mobilises record private capital globally
Globally, the World Bank Group mobilised a record amount of private capital in fiscal 2026. Over four years, the total more than tripled, rising from US$35 billion in fiscal 2022 to US$112 billion in fiscal 2026. Including the organisation's own financing, the total volume of funding directed towards developing economies significantly exceeded US$200 billion.
The increase covered all income groups. In lower-middle-income countries, mobilised private capital rose from US$14 billion to US$37 billion, while in upper-middle-income countries it increased from US$12 billion to US$50 billion. In low-income countries, the figure remained at approximately US$3 billion. In Africa, mobilised private capital grew from around US$9 billion to US$22 billion.
The volume of guarantees issued exceeded US$25 billion. This meant the World Bank Group achieved its target of issuing US$20 billion in guarantees annually four years ahead of the 2030 deadline. The main contribution came from the World Bank Group Guarantee Platform, established in 2024 to consolidate guarantee products across the organisation's units.
"This year's result is US$112 billion mobilised, more than three times the baseline. But this figure matters only if the capital goes where it can create opportunities and jobs," World Bank Group President Ajay Banga said.
The organisation identifies job creation as its main priority. Over the next 10 to 15 years, an estimated 1.2 billion young people in developing countries will reach working age, while only around 420 million jobs are projected to be created. The private sector accounts for nine out of every 10 jobs in these economies.
In fiscal 2026, 55% of all financing, including the World Bank Group's own funds and mobilised capital, went to five sectors with high employment potential: infrastructure and energy, agribusiness, healthcare, tourism, and high-value-added manufacturing.