The first sub-loan under the Risk Sharing Facility will support Vades Group’s business expansion and development of a new manufacturing plant in Tashkent Region.
Tashkent, 2 September 2026.
Ipoteka Bank OTP Group has signed a loan agreement with Vades Group LLC, a manufacturer of microprocessor-based products established in 2005. The company, known for its expertise in SIM card production, is expanding its product portfolio to include bank cards and identity documents.
The transaction represents the first sub-loan under the Risk Sharing Facility (RSF) agreement between Ipoteka Bank OTP Group and the European Bank for Reconstruction and Development (EBRD). Under the facility, the EBRD shares 50 per cent of the credit risk associated with the transaction, enabling Ipoteka Bank to expand its capacity to support local businesses and investment projects.
Vades Group will use the financing to expand its operations and develop a new manufacturing facility in Ohangaron District, Tashkent Region. The new plant will support the company’s production capabilities in bank cards and identity documents, contributing to the development of local manufacturing capacity.
Irakli Elashvili, Deputy Chairman of Ipoteka Bank OTP Group and Head of the Corporate Banking and Market Instruments Block:
“We are pleased to sign Ipoteka Bank OTP Group’s first transaction under the Risk Sharing Framework (RSF), marking an important milestone in strengthening our cooperation with the EBRD and expanding our ability to support businesses in Uzbekistan.
The joint financing will support Vades Group’s continued growth and development, combining our strong local corporate banking expertise with the EBRD’s international financial capacity. We thank Vades Group for their trust and are pleased to support their continued growth”
Andi Aranitasi, EBRD Head of Uzbekistan:
“Today’s signing marks an important milestone in our cooperation with Ipoteka Bank and represents the first co-financing operation under the Risk Sharing Framework. We hope this will be the first of many successful transactions supporting businesses in Uzbekistan.
Vades Group is an example of a local company investing in modern production, expanding its product portfolio and preparing for further growth opportunities.”
Igor Li, Director of Vades Group LLC:
“Signing the loan agreement with the support of the EBRD and Ipoteka Bank marks an important step in Vades Group’s development. The financing will allow us to expand our production capabilities, strengthen our operations and continue developing solutions that meet international quality standards.
We appreciate the trust and professional support of both institutions. This partnership creates new opportunities for the company’s further growth and development.”
The financial terms of the transaction have not been disclosed.
