The European Bank for Reconstruction and Development (EBRD) is expanding its Risk-Sharing Framework (RSF) across Central Asia and Mongolia to make financing more accessible for local companies. Through this framework, the EBRD agrees to take on half of the credit risk on loans provided by partner financial institutions. This shared-risk approach encourages banks to lend more confidently to small and medium-sized businesses, helping them invest, grow and create jobs.
In 2025, the EBRD completed 31 risk-sharing transactions worth €28.5 million with 26 companies in Central Asia and Mongolia, marking the highest number of RSF deals ever recorded in the region. Most of these companies were privately owned SMEs operating in manufacturing, food production, agribusiness and various service industries. Many of the projects combined financing with investment grants and advisory support, enabling businesses to strengthen their financial management, improve operational systems and make progress on environmental, social and governance (ESG) standards.
Several significant projects were carried out across the region. In Kazakhstan, Temirservice Astana, a private railway operator, received a KZT 1.9 billion (€3.2 million) loan through Bank CenterCredit to build an 11,000 m² class-A warehouse facility. In the Kyrgyz Republic, Steelex, a leading aluminium extrusion producer, secured US$ 4.8 million (€4 million) from Demir Kyrgyz International Bank to support vertical integration and expand its aluminium scrap recycling operations.
This project also aims to improve workplace inclusivity by introducing flexible work arrangements, new HR policies and a university internship programme. Another Kyrgyz company, HTI Group, the country’s top plastic packaging manufacturer, received a joint US$ 1.1 million (€0.9 million) loan from the EBRD and Kyrgyz Investment and Credit Bank to upgrade its equipment and lower energy consumption. This project will also benefit from a grant to support energy-efficient solutions.
In Mongolia, the EBRD completed its first-ever RSF project in the telecommunications sector by jointly providing up to US$ 1.2 million (€1 million) with Khan Bank to IT Zone. The financing will support working capital needs, while an additional grant will help the company strengthen human resource capacity and improve talent management systems. In Tajikistan, Fortuna Co Group received a US$ 1.2 million (€1 million) RSF loan from the Investment and Credit Bank of Tajikistan. The funds will be used to install a 218 kW solar power plant, purchase electric vehicles and modernise production equipment.
In Uzbekistan, Trade Novatik, a producer of ready-made meals and packaged food, was granted €1.1 million in financing through a long-standing partnership with Hamkorbank. The funding will enable the company to expand its production capacity and benefit from a grant supporting renewable energy adoption, improved waste management and digital monitoring tools. Another Uzbek company, Silkway Color, obtained a US$ 2.8 million (€2.38 million) loan to acquire modern, energy-efficient printing equipment.
Risk-sharing arrangements have been part of the EBRD’s toolset since the early 2000s. Over time, these mechanisms evolved into more sophisticated models such as unfunded risk participations, first-loss guarantees and co-lending structures. The modern version of risk sharing, particularly the unfunded participation model, gained pace in the mid-2010s as the EBRD worked to mobilise more private capital and channel additional financing toward SMEs and green transition projects.
Today, the EBRD remains the largest institutional investor in Central Asia. To date, it has supported around 1,250 projects across the region with a total value exceeding €21 billion. The continued expansion of the RSF highlights the Bank’s commitment to fostering private-sector development, strengthening regional economies and supporting long-term sustainable growth.
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