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Home is more than just a place to live – it’s where we retreat from the stresses of daily life. As a result, people are investing increasing amounts of time and money in interior design and lighting in order to create a calm, comfortable and inspiring atmosphere. Few understand this better than Umida Rakhmanova, the founder of Miss Lighting, who has dedicated her life to brightening the spaces people call home. From a gift to a growing enterprise Umida is a remarkable example of how access to the right financial and advisory support can empower women entrepreneurs to grow bold, family-driven businesses. Her entrepreneurial journey began in 1999 with a simple wish: a desire to give her mother a beautiful chandelier for her birthday. Unable to find the design she had in mind on the market, she decided to make it herself – and at that moment, her business was born. Today, Miss Lighting has evolved into a multifaceted lighting company that encompasses both the production of custom chandeliers using traditional glassblowing techniques and the manufacture of LED light bulbs. Every chandelier is handmade, blending artistic design with centuries-old craftsmanship – a true fusion of elegance and innovation. Umida is a mother of four, and her family are strongly involved in the business; her two eldest children now manage the company’s showroom in Dubai. “Business and family are both top priorities – neither can come second. If business is one wing, family is the other. Both require time, but after all family comes first – without their support, my success wouldn’t be possible,” Umida explains. How the EBRD and We-Fi have helped Umida to expand her business Support from the EBRD’s Women in Business programme and We-Fi has taken Umida’s business to new heights. Her company was given a UZS 2 billion loan by one of our partner financial institutions, Ipoteka Bank, which allowed her to establish a full-scale LED bulb production facility – expanding her product line and business capacity. But the support didn’t stop there. Through EBRD advisory services as part of non-financial support to Ipoteka bank, Umida was able to upgrade her company’s website, develop a mobile app to reach customers online and undertake specialist training to enhance her digital and e-commerce skills. A loyal client of Ipoteka Bank since 1999, Umida is proof that when women entrepreneurs have access to both capital and knowledge, their potential is limitless. Her story shows that the ERBD’s support is not just about financing – it’s about building confidence, fostering innovation, and empowering women to lead thriving businesses. EBRD lending €75 million to TSKB to support inclusive businesses that provide opportunities to women and young people TSKB will also provide financing to earthquake-affected companies Project expands partnership between EBRD and TSKB, extending it beyond green financing The European Bank for Reconstruction and Development (EBRD) is providing a €75 million loan to Turkish bank Türkiye Sinai Kalkinma Bankasi (TSKB) to increase financial opportunities for women and young people, as well as companies affected by the earthquakes that hit Türkiye in 2023. At least 15 per cent of the funds will be lent on to companies with policies and practices that support youth employment, and another 15 per cent will be allocated to companies operating and investing in earthquake-affected regions. The remainder of the proceeds will be lent to inclusive companies with policies and practices that promote female employment and leadership. Fostering the employment of women and young people in Türkiye could make a significant contribution to economic growth in the country, the reduction of inequality and the promotion of social inclusion and sustainable development. Türkiye consistently lags behind its OECD counterparts when it comes to women and young people participating in the labour force. These issues are even more pronounced in earthquake-affected regions of Türkiye, which face additional labour market challenges caused by the destruction of infrastructure, the displacement of labour and economic instability. The loan coincides with the 75th anniversary of TSKB’s establishment and represents an expansion of its collaboration with the EBRD, which began back in 2011. The EBRD has conducted six direct-lending transactions with TSKB over the years, mostly with a view to supporting access to green finance in the country. Oksana Yavorskaya, the EBRD’s Deputy Head of Türkiye, welcomed the loan, saying: “TSKB has consistently stood out as a key partner, actively contributing to the majority of the EBRD’s initiatives and providing significant support to the Bank’s transition goals and strategic operations in Türkiye. We are pleased to be joining forces with them again, this time to support the employment of women and young people in the country, as well as providing much-needed financing to earthquake-affected businesses.” TSKB CEO Murat Bilgiç said, As we celebrate the 75th anniversary of our Bank, we are proud to break a new ground by launching our very first loan with a theme criterion involved promoting youth employment, alongside the ongoing focus on women’s employment and the earthquake-affected regions. Through this new loan agreement signed with the EBRD, once again prioritizing the earthquake region and placing youth and women at its core, we are advancing our countrys development journey in a more inclusive direction. The EBRD is one of Türkiye’s key investors, with almost €22 billion committed through 484 projects and trade finance limits since 2009, largely in the private sector. |
