Challenges in accessing export financing among small and medium enterprises (SMEs) in Uzbekistan

Abstract

Small and medium enterprises (SMEs) are central to Uzbekistan’s transition toward a more diversified, private-sector-led, and export-oriented economy. However, although the country has expanded trade turnover, modernized parts of its financial system, and introduced several exporter-support measures, many SMEs still face serious constraints when attempting to obtain export financing. This article examines the main challenges in accessing export financing among SMEs in Uzbekistan using an IMRaD structure and a desk-based qualitative methodology. The study uses recent policy documents, international development reports, national statistics and financial-sector evidence published between 2020 and 2026. The results indicate that export-finance constraints are not caused by any single problem but are the result of the interactions between the high cost of borrowing, collateral requirements, short maturity of loans, limited credit history, weak financial reporting, foreign-exchange and payment risks, underutilisation of trade-finance instruments, regional and gender gaps, and the uneven implementation of support programmes. The article also concludes that recent reforms such as the creation of new classifications of SMES, lines of credit, trade-development institutions, insurance support and finance initiatives underpinned by the World Bank/IFC/ADB are important but still not enough unless backed by more robust risk-sharing mechanisms, digital credit infrastructure, expansion of export-credit insurance, factoring and supply-chain finance and practical training for SME exporters. This study contributes to the literature by linking general SME finance barriers to the specific working-capital needs of Uzbek exporters. It concludes with policy recommendations for banks, government agencies and development partners to improve inclusive export financing.