The European Bank for Reconstruction and Development (EBRD) recorded a milestone year for its risk-sharing framework (RSF) in Central Asia and Mongolia, significantly expanding access to finance for local businesses. Under the RSF model, the EBRD shares up to half of the credit risk on loans issued by partner financial institutions, enabling banks to extend financing to companies that might otherwise struggle to secure capital. The programme is designed to unlock development opportunities, strengthen private sector resilience, and mobilise additional private investment.
In 2025, the EBRD signed 31 risk-sharing agreements worth €28.5 million with 26 companies across the region, marking an all-time record. The financing primarily supported privately owned small and medium-sized enterprises operating in manufacturing, food production, agribusiness, and service industries. Beyond providing capital, many projects incorporated investment grants and advisory services to help businesses enhance operational efficiency, improve environmental and social governance standards, and strengthen human resources practices.
Several landmark transactions were concluded across multiple countries. In Kazakhstan, financing supported the construction of a major warehouse complex for a private railway operator. In the Kyrgyz Republic, manufacturers received funding to expand production capacity, modernise equipment, promote aluminium recycling, and introduce inclusive human resources policies, flexible work arrangements, and internship programmes. In Mongolia, the EBRD completed its first risk-sharing deal in the telecommunications sector, extending working capital to a leading ICT company alongside a grant to strengthen talent management. In Tajikistan, financing enabled the installation of a solar power plant, the purchase of electric vehicles, and equipment upgrades. Meanwhile, in Uzbekistan, food processing and printing companies secured loans to expand production, adopt renewable energy solutions, improve waste management, and invest in energy-efficient technologies.
The EBRD has been utilising risk-sharing mechanisms since the early 2000s, gradually evolving the framework to include unfunded risk participations, first-loss guarantees, and co-lending structures. The modern, scaled-up version of the programme gained momentum in the mid-2010s as part of the Bank’s broader strategy to mobilise private capital, support SMEs, and accelerate the green transition. As the largest institutional investor in Central Asia, the EBRD has financed over 1,250 projects in the region, with cumulative investments exceeding €21 billion, reinforcing its long-term commitment to sustainable economic development.
