Why we invested

AV Ventures’ likely investment in Ehtirom Plus stems from a shared commitment to inclusive, growth-oriented financial services in underserved regions. Ehtirom Plus’s long-standing presence, mission-driven operations, and rural outreach make it an ideal partner for AV Ventures’ goal of deploying innovative capital to drive systemic social and economic progress.

Company Description:

Founded in 2007 as the first microcredit organization in Uzbekistan. Focus on providing financial services to small businesses, agricultural entrepreneurs, and vulnerable groups. 15 branches across the Fergana Valley. 10,000 active clients (of which 45% are women). Loan portfolio: 123.99 billion soums (approx. $10.4 million USD). Proven Track Record: Loan portfolio growth: From 300 million soums in 2007 to 123.99 billion soums in 2024. Assets: $7.4 million (total assets) with a loan portfolio of $7 million. Return on Equity (ROE): 45.4% in 2023, 37.9% in September 2024. This shows high profitability and efficient capital utilization. Strong Credit History: Credit Rating: A2 (high credit rating). 11 loans from commercial banks, all repaid on time. Low loan arrears with a PAR30 (portfolio at risk over 30 days) of just 2.0%. Experienced Leadership: Nargiza Alieva, Executive Director, and a family-owned business with strong governance in place. Supervisory Board: Comprising experts with over 20 years of microfinance experience in Central Asia.