BOPA invests convertible debt in Imkon Finans JSC, Uzbekistan

BOPA (Base of Pyramid Asia) has completed a convertible loan investment in Imkon Finans JSC (Imkon), a microfinance firm located in Andizhan, Uzbekistan. Having received the microfinance license to operate in 2015, Imkon achieved the distinction of being the first microfinance company in Uzbekistan to register as a “Joint Stock Company” and therefore able to issue corporate bonds. Imkon primarily caters to micro, small, and medium entrepreneurs (MSME segment) by offering financial products for individuals who are unable to access traditional banking services. With the capital infusion, the company aims to expand its presence in both existing and new geographical areas.

Commenting on this progress, Christian Andersen, the CEO of BOPA, expressed his satisfaction, stating, “we are very excited about the opportunity for BOPA to work in the promising Uzbekistan market and to have found a strong partner like Imkon Finans. Since our first meeting with the Imkon Finans team, we have been impressed with their competence and commitment. BOPA really look forward to work closely with Imkon Finans to support its growth and institutional development”.

Akmaljon Ergashevich Teshaboev, a co-founder of Imkon and the Chairman of Imkon Supervisory Board, expressed his enthusiasm, stating, ” We are committed to establishing enduring partnerships with both domestic and foreign investors, ensuring that Imkon Finans and our clients mutually benefit from a cooperative and progressive relationship that fosters business development. The management of Imkon Finans deeply values the trust bestowed upon us by BOPA and warmly welcomes them as a new partner in their pursuit of business expansion. Together, we will surmount challenges, explore new growth opportunities, and foster enduring and robust connections. Even in the face of challenging circumstances, Imkon Finans stands firm in adhering to our fundamental values of transparency, reliability, and unwavering commitment to both our investors’ interests and the well-being of our clients.”