_BIOGRAPHY Erkin Kaxorov is Chairman of the Management Board of Agrobank, Uzbekistan’s second-largest bank by assets. He has worked in the Uzbek banking system since 2008 and was appointed First Deputy Chairman of Agrobank in December 2022 before moving to the top role. He holds degrees from the Namangan Engineering-Economic Institute and the Banking and Finance Academy of Uzbekistan.

“IN 2026 WE PLAN TO CHANNEL $4.7 BILLION INTO THE ECONOMY, WITH $1.9 BILLION RESERVED FOR MICRO, SMALL AND MEDIUM ENTERPRISES.”

FOR 37 YEARS AGROBANK HAS ANCHORED UZBEK AGRICULTURE. HOW HAS THE BANK’S MISSION EVOLVED, AND WHAT IS ITS ROLE IN UZBEKISTAN’S ECONOMIC TRANSFORMATION IN 2026 AND BEYOND?

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Our role in the economy has changed substantially. At the start of 2026, after broad public consultation, the updated Uzbekistan-2030 strategy was adopted. New global realities, geopolitical shifts and the pace of technological change required fundamentally fresh approaches at state level.

As one of the country’s largest and strategically important financial institutions, Agrobank is directly involved in delivering all five priority areas of that strategy, from sustainable economic growth to environmental protection and water-saving technologies. Our 2025-2029 strategy, developed with an international consulting firm, is the natural institutional extension of national policy.

The mission now reaches well beyond traditional agricultural financing into quality of life in the regions, innovative and green financial solutions and broader sustainable development. Agrobank’s contribution to Uzbekistan’s economic transformation in 2026 and beyond will be measured by how effectively we channel capital into productive, sustainable growth across the country.

The growth speaks for itself. Assets have moved from $1.9 billion in 2020 to $8.6 billion at the start of 2026, approximately fivefold expansion. The loan portfolio is up 5.1 times. Capital has tripled. Deposits, the closest signal of public trust, have grown the fastest, multiplying 6.1 times to $2.7 billion.

In February I presented the next phase to the Head of State: full digitalisation of the agricultural sector, AI-based solutions, and a complete service offering for farmers and agribusiness. In 2026 we plan to channel $4.7 billion into the economy, with $1.9 billion reserved for micro, small and medium enterprises.

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HISTORICALLY, AGROBANK FINANCED 100% OF NATIONAL WHEAT AND 60% OF COTTON. AS GUARANTOR OF FOOD SECURITY, LEADER OF THE GREEN AGENDA AND ESG PIONEER, HOW DOES THAT LEGACY FIT TODAY’S ESG AGENDA?

These two roles reinforce each other. Food security cannot be ensured today by simply expanding financing. In a context of climate change and water scarcity, productivity depends on water efficiency and technological modernisation. Our business model joins the state’s mission of poverty reduction with modern financial services across corporate and retail segments.

Agrobank’s strategy to 2029 includes 61 major projects, and one of its four pillars is social responsibility and ESG support. We have integrated climate risk factors directly into our scoring models. We finance the transition to sustainable agriculture, not only the harvest in front of us. The international recognition followed: Euromoney named Agrobank Uzbekistan’s Best Bank for Corporate Responsibility 2025. For us that confirms the path of combining food security with environmental responsibility is the right one, and that the two agendas, far from competing, advance together.

THE 2024 LSE GREEN EUROBOND ISSUANCE OF US$ 400 MILLION AND UZS 700 BILLION WAS HEAVILY OVERSUBSCRIBED. WHAT SIGNAL DID THAT SEND, AND WHAT UNIQUE ADVANTAGES DOES AGROBANK OFFER?

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The strong demand sent two clear messages to international investors. The first was confidence in Uzbekistan’s macroeconomic stability and reform path. By 2026, GDP is targeted to reach $167 billion, and gold and foreign exchange reserves are expected to exceed $60 billion. Investors see a stable and predictable environment for growth.

The second was a vote of confidence in Agrobank itself. Our distinctive strength lies in scale and in deep integration into agricultural value chains, supported by a network of 170 branches across the country. For foreign investors, what matters is that capital reaches the real economy and does not sit idle in accounts. According to our Allocation and Impact Report, $357.8 million has already been deployed to finance more than 19,000 projects, and the work continues at pace. We convert international capital into measurable environmental and economic impact, at speed.

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WHAT MEASURES HAS THE GOVERNMENT TAKEN TO SUPPORT AGROBANK AND THE BANKING SECTOR’S DIGITAL TRANSFORMATION?

The transformation of the banking sector is one of the priorities of state policy, and the support has been concrete. On 13 March 2026, RP-99 “On measures to introduce modern technologies in agriculture” was adopted. The document is a strategic framework for improving service delivery, expanding modern digital products, and advancing banking operations on the basis of international best practice.

Its core principle is integration: not isolated services, but a single system combining banking, agricultural enterprises and technological tools into one offering. For a bank with our footprint and our client base, that direction is fully aligned with the work we are already doing on the ground.

HOW IS AGROBANK APPLYING AI AND BIG DATA, AND WHAT NEW INITIATIVES IN AGROTECH AND VENTURE FINANCING ARE COMING?

Technology sits at the center of our new operating model. In 2025 we set up a dedicated AI Project Office. The goal is to fully automate agricultural monitoring through satellite imagery, drone data and Big Data algorithms. This lets us assess crop conditions remotely. Yields are forecast on the same engine, and risk in livestock and horticulture is managed within it. Credit decision times for small businesses have already fallen from several days to three hours.

We also recognise the need for innovation in the agro-industrial sector itself. We are launching a new venture company focused specifically on agricultural startups, designed to give Uzbek agritech founders dedicated institutional support. In parallel, we are developing Agro-Service zones in every region: single centres where farmers find financing, agronomic services, soil testing, seedlings and innovative technologies in one place.

WHY DOES A BANK INVEST SO HEAVILY IN FARMER TRAINING, AND WHICH PROGRAMMES ARE ALREADY DELIVERING?

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Experience shows that financing alone does not deliver sustainable results. Real economic growth happens where capital meets knowledge. An untrained borrower is a direct risk to the bank’s capital and a lost opportunity for the economy. That is why we have taken responsibility for educational infrastructure ourselves.

Through the Agrobooks project, 300,000 scientific and practical manuals across 170 specialisations have been produced and distributed free of charge. Almost 200,000 people have been trained through the Farmers’ School and the Water Management School, with online learning also available on the platform. In 2026 we are establishing demonstration training fields in 141 districts to showcase water-saving technologies.

A knowledgeable farmer conserves water, raises productivity, repays on time, and protects the bank’s portfolio quality. That, in banking terms, is how non-performing loans come down.

WHICH SCIENCE-BASED AND PRODUCTION-LEVEL AGRICULTURAL AND WATER PROJECTS ARE ALREADY DELIVERING RESULTS?

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In addition to the science-based projects mentioned above, several initiatives are already delivering measurable results. Agro In Vitro produces virus-free, high-yield fruit seedlings for export, giving farmers a reliable resource base.

Agrolab, our laboratory complex, provides testing that complies with international standards for agricultural and food products, which improves competitiveness and widens export geography. These are not just concepts; they are practical mechanisms already delivering results in the agricultural sector.

WHAT WOULD YOU SAY TO INVESTORS INTERESTED IN UZBEKISTAN?

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Today’s Uzbekistan is not the country of ten years ago. Macroeconomic stability, a liberalised currency market, strong demographics, and an ambitious 2026 programme of 782 new industrial projects worth $52 billion together shape one of the most attractive investment environments in Eurasia.

For an international investor, Agrobank is more than a financial intermediary. We connect state reform, green technology, agricultural value chains and millions of entrepreneurs into a single transparent system. By partnering with us, foreign capital reaches the real economy directly, protected by ESG standards and robust compliance standards.

We turn global investment into technology. Technology, in turn, becomes higher profitability, employment and regional prosperity. As Uzbekistan approaches the 35th anniversary of its independence, we are open to working with those ready to share in this growth.