Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Developing the nonbank finance industry and market-based instruments 
with a road map. 
The nonbank finance industry and capital market have yet 
to become a viable substitute for bank lending for private businesses, while 
the demand for diversified financing options has been increasing among SMEs. 
Tech-based SMEs especially need long-term financing for R&D investments. 
Leasing is a promising alternative financing option for SMEs. The need for 
access to trade finance and supply chain finance also will increase among 
SMEs and associated businesses, given the potential for developing global 
value chains. In the long run, the creation of a specialized equity market 
for innovative and viable SMEs may be worth considering. The government 
needs to prepare a road map for developing the nonbank finance industry and 
market-based instruments to promote their balanced development alongside 
the banking sector.
Making the best use of digital finance solutions to promote financial 
inclusion. 
Fintech has been rapidly changing the financial sector’s architecture 
and landscape. SMEs are considered a key beneficiary of fintech, given 
their limited access to traditional lending models. Digital finance can have a 
significant positive impact on promoting access to finance for traditionally 

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Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth
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underserved groups including SMEs. Online supply chain finance could be a 
pilot test for using digital finance. The government needs to recognize digital 
finance solutions to promote financial inclusion. It also needs to enhance 
financial and digital literacy for SMEs and consider establishing a national 
strategy for financial inclusion. Such a strategy has been introduced in some 
developing Asian countries (e.g., Indonesia in 2012 and 2016, and Pakistan and 
the Philippines in 2015).