International Journal of Management and Economics Fundamental
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VOLUME
Vol.05 Issue 05 2025
PAGE NO.
38-44
10.37547/ijmef/Volume05Issue05-08
The Financial Readiness of State-Owned Banks in
Uzbekistan To Support Green Projects: A Ratio-Based
Analysis
Yusufjon Pulatov
PhD Candidate and Associate Lecturer, Westminster International University in Tashkent, Uzbekistan
Bakhtiyor Islamov
D.Sc. in Economics, Professor, Tashkent State University of Economics, Uzbekistan
Received:
26 March 2025;
Accepted:
22 April 2025;
Published:
24 May 2025
Abstract:
This study investigates the financial readiness of state-owned banks to provide support for green
financing initiatives, in accordance with Uzbekistan's strategic objectives for a green economy. The paper employs
a ratio-based approach to assess the capacity of banks to finance green projects in light of the lack of detailed
environmental data. Key financial indicators, including Return on Assets (ROA), Return on Equity (ROE), Capital
Adequacy, Liquidity, and Leverage ratios, are analyzed using publicly available financial statements. Subsequently,
these indicators are employed to generate a Green Financing Readiness Index, which facilitates a comparative
evaluation of the readiness of institutions. The expected results indicate that while certain institutions may exhibit
profitability and capital stability, the potential for long-term green investment may be impeded by liquidity
constraints and high leverage. The study concludes by providing suggestions for the improvement of institutional
and financial capabilities in order to promote sustainable banking in Uzbekistan. This research contributes to the
theme of sustainable development finance which is a hot topic in Uzbekistan as of today and bolsters the national
initiatives implemented under the "Uzbekistan
–
2030" strategy.
Keywords:
Green Financing; Financial Readiness; State-Owned Banks; Environmental Finance; Uzbekistan
–
2030
Strategy; Green Economy; Financial Ratios; Capital Adequacy; Green Investment; Liquidity Constraints;
Sustainable Development Finance.
Introduction:
Green economic growth is emerging as a
strategic priority for Uzbekistan these days as it is trying
to align itself with global sustainability goals. These
efforts are clearly visible in Uzbekistan’s “Uzbekistan –
2030” strategy issued on September 11, 2023 b
ased on
Presidential Decree No. DP-158 which emphasizes a
pivotal transition to a green economy, with a goal of
increasing renewable energy capacity to 25,000 MW,
intending for renewables to represent 40% of the
country's overall energy consumption (CAU, 2023). The
initiatives continued in 2025 too, which first started
with the declaration of the year being the year of
Environmental Protection and Green Economy and
aimed at implementing green technologies, conserving
water resources, expanding green spaces, and
enhancing waste management practices. These
priorities were all formalized in the Presidential Decree
titled "On the State Program for the Implementation of
the Uzbekistan
–
2030 Strategy in the Year of
Environmental Protection and Green Economy," issued
on February 7, 2025 (Yuz.uz, 2025). Also, during the
Abu Dhabi Sustainability Week in January 2025,
President Mirziyoyev emphasized the initiation of a
National Program for Green Financing and a
comprehensive Low-Carbon Development Strategy. He
emphasized Uzbekistan's objective to incorporate a
green component in 50% of all new investment projects
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within the next five years, aiming to establish the
country as a future center for green energy innovation
in the region (Times of Central Asia, 2025).
Furthermore, more recently during the first Climate
Forum held in Samarqand in April, 2025 President
Shavkat Mirziyoyev again highlighted the significance
of regional cooperation in addressing global climate
issues. He advocated for collaborative solutions and
emphasized Uzbekistan's preparedness to assume a
leadership position in green development throughout
Central Asia (News Central Asia, 2025). In this context,
financial institutions, particularly state-owned banks,
play a crucial role in financing environmentally
sustainable projects and contribute significantly to
Uzbekistan's economy. As of 2023, they hold a
dominant asset share of 65% of total GDP, with a
concerning 69% of bank assets owned by the
government (Pulatov and Islamov, 2025). Historically,
these banks have primarily focused on lending to state-
owned firms and are currently the subject of ongoing
corporate governance reforms designed to improve
efficiency, transparency, and profitability (EBRD, 2023).
However, there is limited available information about if
they are financing green projects and how prepared
they are to do so. Therefore, this study aims at
assessing the financial readiness of these banks to
support the green initiatives.
LITERATURE REVIEW
Green finance is about financial investments directed
towards sustainable development projects and
activities that promote the advancement of a more
sustainable economy. It includes various financial
instruments, such as green bonds, green loans, and
other products aimed at financing projects with
environmental advantages (Yameen et al., 2024). The
scholars also highlighted that banking sector is crucial
in this area by directing funding to sustainable
initiatives and including environmental risk evaluations
into their lending practices.
At the same time, Uzbekistan has exhibited a robust
commitment to transitioning towards a green
economy. The "Strategy on the Transition of the
Republic of Uzbekistan to a Green Economy for the
Period 2019
–
2030" breaks down the country's goals for
attaining sustainable economic development while
reducing
environmental
implications
(Asiapacificenergy.org, 2019). This plan highlights the
significance of using green technologies, enhancing
energy efficiency,
and
promoting
sustainable
agriculture practices. Sangirova et al. (2024) present a
comprehensive
examination
of
this
strategy,
addressing its objectives and execution methods.
Role of State-Owned Banks
State-owned banks in Uzbekistan play a crucial role in
funding the nation's green efforts. The World Bank's
research "Prime Picks for a Green Pivot: Uzbekistan
State Funds for Climate Action" underscores the
capacity of these institutions to support climate
initiatives via targeted investments in environmentally
sustainable projects (World Bank, 2024). The
International Finance Corporation (IFC) highlights the
initiatives of banks such as Uzpromstroybank to
incorporate green finance into their operations,
indicative of a wider trend among Uzbek financial
institutions (IFC, 2021).
Regardless of the advancements, challenges remain in
the execution of green banking practices in Uzbekistan.
Gulomkodirova (2023) highlights the lack of established
definitions and assessment frameworks for green
banking, which obstructs effective implementation.
Conversely, there are prospects in the growth of
financial instruments such as green bonds and sukuks,
as outlined by the Organisation for Economic Co-
operation and growth (OECD), which recommends
strategies for their advancement in the Uzbek economy
(OECD, 2023).
International support
International organizations have played a supportive
role in Uzbekistan's green transition so far. Starting
with The Asian Development Bank (ADB), It has
approved and facilitated the programs aimed at
accelerating Uzbekistan's climate transition, focusing
on policy reforms and institutional strengthening (ADB,
2023) . Additionally, the United Nations Development
Programme (UNDP) has initiated policy dialogues to
support green recovery and the transition to a green
economy in Uzbekistan (UNDP, 2021). All of these
initiatives show how supportive the allies of the
country on its development towards the green
economy
International insights
A bank's ability and willingness to fund green projects
depend on how profitable it is. Banks that make money
have more money on hand and a cushion to cover any
losses that might come from new or long-term
investments. In fact, several studies show that banks
that are involved in green finance do better. For
instance, a study from Indonesia found that banks that
offered green credit made more money without
putting their financial stability at risk (Sutrisno et al.,
2024). In the same way, survey-based research in
Nigeria shows that adopting green banking practices
can make businesses more profitable, mostly by
improving their reputation and attracting customers
(Inegbedion, 2024). These results support the idea that
sustainable finance can help banks make money in the
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long run and open up new business opportunities. The
literature also points out some important things to
keep in mind. Some real-world evidence suggests that
green lending may lower profits at first because it costs
more or yields less. A recent study of Indonesian banks
found that having more green loans was linked to a
lower short-term return on assets (Riyanti et al., 2025).
Reviews of studies from around the world show that
the results are also mixed. Some banks make money
from green initiatives, while others have problems like
higher transaction costs and credit risks in new green
sectors. It's important to note that the results can vary
depending on the type of bank. For example, in China,
large state-owned banks have seen improvements in
their performance thanks to green credit programs,
while some smaller joint-stock banks saw small drops
in profits at first (Zhang et al., 2021, as cited in Fang &
Wei, 2022). Most people seem to agree that high
profits and a focus on sustainability tend to go hand in
hand, which makes it easier for banks to offer more
green financing (Sutrisno et al., 2024; Inegbedion,
2024).
Most people agree that banks need enough capital
buffers to be able to pay for long-term green projects.
Green investments, like infrastructure for renewable
energy, often take longer to pay off and may seem
riskier, so banks need to have enough money to lend
for these kinds of projects without breaking any rules.
Studies that look at real-world data show that banks
with a lot of money are better able to support
sustainable finance. An Indonesian study, for example,
says that "strong bank fundamentals such as capital"
have a big effect on banks' profitability and stability in
green lending (Sutrisno et al., 2024, p. 483). When a
bank has a higher Capital Adequacy Ratio (CAR), it can
lend more money and absorb more losses. This is
important when funding big or new green projects that
might not make money right away. On the other hand,
banks that don't have enough capital may not be able
to lend money to new businesses because of rules or
the need to keep capital on hand to stay solvent.
Another important part of being ready for green
finance is liquidity. Banks that have a lot of cash on
hand and stable funding can invest in long-term green
projects with less risk of running out of money. Banks
need to deal with maturity mismatches when they give
out long-term loans for infrastructure or clean energy.
This means that they need a strong base of deposits or
the ability to issue green bonds to keep lending. There
aren't many direct academic studies of bank liquidity
and green finance, but most people agree that
managing liquidity risk is a key part of sustainable
banking (Mazzucato & Semieniuk, 2018). Banks that
have more money on hand are better able to deal with
green investments that take longer to pay off and bring
in cash. Uzbekistan has a lot of state-owned banks,
which means that the government can support them
and give them access to sovereign funds. This could
make it easier for them to lend money for green
projects. However, these banks still need to manage
their assets and liabilities well so they don't run into
problems when they grow their green portfolios.
Banks must manage risk well in order to do green
finance and keep their finances stable. Green projects
add new types of risk, such as the risks that come with
using new technology and making new policies in
renewable energy projects, as well as the bigger effects
of climate change on borrowers (physical and transition
risks). The literature makes it clear that banks need to
improve their risk assessment frameworks to take
these things into account. Climate-related risk
management has become a hot topic in banking, and
early evidence shows that it works. Cucinelli et al.
(2023) say that a strong risk management function is
very important for European banks to make people
more aware of climate risks and to turn sustainability
goals into real lending policies. Banks that take
environmental risks into account (for example, by
doing climate scenario analysis and stress tests) are
better able to make smart decisions about financing
green projects because they can better price risks and
set aside money for long-term exposures. But a lot of
banks, especially those in developing markets, are still
in the early stages of this integration. A study that
looked at banks' climate strategies in Europe found big
differences. Only a small number of banks fully aligned
their governance and risk models with climate goals
(Toma & Stefanelli, 2022). To make data, knowledge,
and tools better for evaluating environmental risks in
developing countries, they need to build their capacity
(Babic, 2024). To help Uzbekistan's state-owned banks
make a green transition, they need to improve their risk
management practices. This could mean following the
Task Force on Climate-related Financial Disclosures
guidelines or setting up their own internal green credit
standards. This includes teaching employees how to
evaluate the viability of green projects and how to
factor climate risk into credit decisions and capital
planning.
•
The Role of State-Owned Banks in Green Finance
State-owned banks can be very important in financing
sustainability, but they need to find a way to balance
policy goals with financial strength. In academic
writing, it is said that public banks often have a
developmental mandate that lets them put money into
green projects that private investors may not be able to
do (Campiglio, 2016; Geddes et al., 2018). State banks
can "create markets" and get private co-financing by
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International Journal of Management and Economics Fundamental (ISSN: 2771-2257)
taking on higher-risk or longer-term green investments.
They can do this, for example, by using co-lending or
guarantee schemes to lower the risk of renewable
energy projects (Geddes et al., 2018; Mazzucato &
Semieniuk, 2018). This has been seen in many
situations. For example, national investment banks in
Germany, China, and other countries have given
important funding for clean energy, often starting
sectors like solar and wind power by taking on the risks
at first (Mazzucato & Semieniuk, 2018). In Uzbekistan,
the state-owned banks, which provide most of the
country's credit, also have a big part to play in reaching
climate goals. Because they are owned by the public
and get money from the government, they may be able
to look at the long term and be patient when paying for
green infrastructure. However, studies also show that
state-owned banks often have problems with
governance and efficiency, like politicized lending or
lower profitability, which could make it harder for them
to be sustainable (Berger et al., 2005; Geddes et al.,
2018). If these banks have loose budget rules or focus
on directed lending without properly pricing risk, they
could end up with a lot of bad loans even as they try to
be more environmentally friendly. Because of this,
many people say that state-owned banks need to
improve their governance, transparency, and
performance incentives in order to be ready for
financial challenges (OECD, 2021). OECD (2023) says
that the privatization and reform of some Uzbek state
banks may make it harder for them to do green
financing by making business rules stricter. In the end,
the literature says that state-owned banks will be most
helpful in making the green transition happen when
they have a strong public-sector mission and good
financial fundamentals and risk controls.
METHODOLOGY
Research Approach
The financial preparedness of state-owned institutions
in Uzbekistan to support green financing is assessed
through a quantitative, ratio-based approach in this
study. In light of the lack of public data about actual
green loans or environmental investments, we employ
key financial ratios
—
derived from the financial
statements of banks
—
as proxy measures to evaluate
preparedness. The relevance of these ratios to
financial strength, stability, and the ability to
implement
long-term,
sustainability-oriented
initiatives is the basis for their selection.
Data Collection
The analysis is predicated on the financial statements
of designated state-owned banks in Uzbekistan that are
publicly available. The balance sheet and income
statement for the most recent available year(s) are
included in these documents.
The model employs the whole population of 9 state-
owned banks in Uzbekistan. The most important
indicators are: Return on Assets (ROA), Return on
Equity (ROE), Liquidity Ratio (liquid assets against total
assets), Capital Adequacy (represented by some form
of a capital or risk measurement in the dataset), and
Leverage (Debt/Equity). These ratios represent
profitability, asset quality/risk, liquidity, and firm
solvency respectively
–
elements important to the
ability of the bank to lend in the long term. Specifically:
•
ROA and ROE: Measure of profitability. Greater
ROA/ROE shows greater capacity for generating
earnings, which can go towards new lending or
compensating for losses. (ROE is connected with ROA
through leverage: ROE ~ ROA × (Assets/Equity).)
•
Capital Adequacy: Banks' cushions (e.g. Tier-1
capital ratio or equity in assets). Greater capital
adequacy implies the bank is able to accept greater risk
(lend more) prior to violating regulatory constraints,
important for supporting large projects. In the dataset
a "COR" value is provided; we infer that it is an inverse
risk, or capital, ratio (where lower values represent
greater asset quality, or capital adequacy, and spikes
are indicative of provisioning for losses).
•
Liquidity Ratio: It is the proportion of liquid
assets. The higher the liquidity ratio, the higher the
availability of funds for granting new loans (for funding
projects) and the capacity for the bank to weather
short-run outflows.
•
Leverage (Debt/Equity, D/E): High D/E is
indicative of high leverage (low equity compared with
debt), and that is high risk and low solvency. For
preparedness, low leverage (high equity) is desired, as
it indicates that the bank has the ability to support
expansion with its own funds.
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International Journal of Management and Economics Fundamental (ISSN: 2771-2257)
Green Financing Readiness Index (GRFI)
Index Design: The GFRI is an aggregate indicator
created in order to capture the overall preparedness of
the bank for green finance. We consolidate the five
components (ROA, ROE, Liquidity, Capital Adequacy,
Leverage) under the belief that the prepared bank is
profitable,
sufficiently
capitalized,
liquid,
and
cautiously leveraged. We normalize each indicator such
that higher value is better for green finance
preparedness (e.g., high ROA is desirable, high D/E is
undesirable
–
hence we reverse leverage). We then
combine the indicators into an overall index value (on
a 0-1 scale for convenience).
Weighting strategy
: One important decision is how to
weight each component in the index. Two popular
methods were:
Equal Weights
: Assigning equal weightage. It is an
intuitive and transparent approach. Interestingly, many
composite measures resort to equal weights since
expert views often converge on approximately equal
weights, and strongly unequal weights may be difficult
to defend. Equal weights give all aspects (profitability,
availability, etc.) the same weight in being crucial for
preparedness.
Statistically Derived Weights (PCA-based):
Applying
principal component analysis and infer weights from
the variability in the data. PCA identifies the linear mix
of indicators best accounting for variance among
banks. Were we to apply PCA, such indicators that
strongly co-move (e.g., ROA and ROE) would accrue
higher implicit weight in the 1st principal component,
maximizing the discrimination among banks. This can
identify the common factor in health. On the other
hand, the disadvantage lies in interpretability since PCA
weights may drastically weight in favor of one factor
and in effect disregard others, leading to an unbalanced
index that may not coincide with policymaker
objectives.
Chosen weighting
: We build the GFRI mainly using
equal weights for the five indicators, for simplicity and
for policy relevance. This decision has the purpose that
each dimension of readiness is represented. As an
exercise in robustness, we analyzed PCA output: the
first principal component of our dataset explained
~41% and was dominated by the profitability and
leverage variables (ROA, ROE, D/E), whereas liquidity
and capital metrics loaded on following components. It
indicates that a single-factor index would overweight
profitability/leverage and underweight liquidity or
capital adequacy. Because all these facets matter for
green finance capacity, equal weights would be better
suited in order to maintain the index balanced. Also,
equal weights are simpler for stakeholders to
understand.
Index calculation: We normalized all proportions in the
2017
–
2023 dataset. For ROA, ROE, and for Liquidity, we
linearly scaled values from 0 (worst value observed) to
1 (best value observed). For Capital Adequacy (applying
the inverse if we presume greater COR = greater risk
exposure or loss), and for Leverage (D/E), we inverted
the scale (so very high value for D/E would receive a low
score on that component). For instance, Xalq Bank in
2021 reported negative equity (since D/E was -0.5, due
to a large loss decreasing the capital)
–
we consider that
the worst for leverage (zero value on that component).
We calculate GFRI after normalization as the
straightforward average of the five component scores.
GFRI interpretation
: The greater the GFRI (the closer it
is to 1), the healthier the bank in that year and the
greater the potential for it to increase lending (green
lending included) without threatening stability. The
lower the GFRI, the greater the presence in one or all
areas (e.g. low profit, low capital) and the lower the
ability to accept new investment projects. We
monitored the path of the GFRI for each bank and
compare between banks.
DISCUSSIONS
Financial preparedness is very uneven among the state-
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owned banks, yet there needs to be overall
improvement. According to the analysis by the GFRI,
few banks (maybe two or three out of the nine) now
have high preparedness (scores ~0.7) to increase green
lending substantially in the absence of other reforms or
support. Others were middling, and some were in
fragile positions in recent years. This implies that the
system’s green project finance capacity is uneven in
nature
–
that concentration of green finance among the
stronger banks may ensue, unless weaker banks
become stronger or the weaker banks’ roles are
reallocated. Policymakers should note that pressuring
all banks uniformly to finance green projects may not
be successful; rather, lead banks may be identified for
green programs (most probably the stronger banks)
while the weaker banks need to be supported.
Due to recent injections of capital and accumulated
earnings, state banks currently comfortably satisfy
regulatory requirements for the amount of capital.
Should the economy continue growing and the
extension of credits reach ~15-20%/year (as it already
has), banks will require corresponding increases in
capital. Green projects may involve higher risk weights
(new technology projects, for instance, may be viewed
as riskier until successful), tending to erode the capital
faster. Capital planning for green lending should be
incorporated into the banks' plans -- perhaps building
up capital ahead of the anticipated increases in the
economy. The government could consider enabling the
banks to access the capital market (e.g., IPO, in
combination with foreseen privatisation) for green
finance funding, instead of exclusively relying on state
budget backing.
Finally, some green investments, such as renewable
energy plants, have long tenors, and more significantly,
new risk profiles. Banks therefore must have robust
credit risk appraisal to ensure that these do not lead to
large future NPLs. The analysis of the 2020 COR spikes
shows that when underwriting standards are weak,
there is a sudden need for huge provisions which
crippled earnings and capital. The country’s banks must
therefore build expertise in evaluating green projects.
This could be done perhaps via technical assistance, so
that loans to these are sound. Finally, climate-related
risks, both physical and transition risks, should be
integrated into risk management. This could also be
turned into an opportunity: investment in banks that
proactively manage environmental risks might be
preferred by the rating agencies or funding could be
cheaper from green investors or multilaterals, further
enhancing their readiness
Overall, three leading state-owned banks
—
NBU,
Uzpromstroybank, and Agrobank
—
are found to have
the greatest financial preparedness to endorse green
initiatives. Their substantial asset bases, robust loan
portfolios, and comparatively stable capital positions
indicate they are more suitably equipped to participate
in long-term green financing. Asaka Bank and Xalq Bank
may exhibit moderate preparedness, as certain
financial metrics do not meet optimal standards,
potentially constraining their capacity to finance larger
or more hazardous green initiatives.
Smaller financial institutions including Turon Bank,
Microcreditbank, and Aloqa Bank are anticipated to
possess inadequate preparedness owing to their
reduced capital reserves and asset bases, necessitating
policy assistance or collaborations for engagement in
green finance.
In summary, although some prominent banks seem
financially equipped, the overall sector's preparedness
may
necessitate
strategic
reforms,
enhanced
transparency, and greater connection with national
green development objectives.
CONCLUSION
Overall, Uzbekistan state banks are on the path
towards incremental improvement but still short of the
financial strength seen in advanced banking systems or
regional champions. The Green Financing Readiness
Index built from 2017
–
2023 indicators identifies where
the gaps remain - in particular, in profitability and
stable asset quality - while recognizing areas such as
the provision of sufficient capitalization. With
implementation of the above recommendations,
Uzbekistan can make its banks solid pillars in the
country’s green finance. It will need an concerted
effort: banks enhancing internal practices, and
regulators ensuring an enabling framework (regulatory
agility, capacity building, and perhaps incentives) for
green finance.
Finally, enhancing the GFRI of these banks is not the
ultimate aim, but the means for the ultimate aim
–
the
achievement of the green economy in 2030, where the
banks help channel the needed capital into green
projects. With healthier balance sheets, Uzbekistan's
banks will be able to capture the opportunities of green
finance, whether in the form of funding solar parks in
the
desert,
energy-efficient
manufacturing
modernizations, electric urban public transport, and
contributing to the country's goals while ensuring their
own long-term survival in an environmentally cleaner
world.
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