UZMRC - Mortgage Loan

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The provision of a senior loan, equivalent to US$ 40 million, to the Uzbekistan Mortgage Refinancing Company (UzMRC) will be used to refinance the retail mortgage portfolios of eligible private and state banks. A portion of the proceeds will also be allocated to support green renovation initiatives. The loan will be structured in a single tranche and disbursed in synthetic Uzbek som.

Project ID 55671

Status Concept Reviewed

Location

Uzbekistan

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

General Enquiries
info@uzmrc.uz
+998 78 148-30-00
www.uzmrc.uz
Uzbekistan, Tashkent, 107B Amir Temur Ave., International Business Center, office 14A

Project ID 55671

Status Concept Reviewed

Location

Uzbekistan

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

05 Nov 2025

Disclosure date

25 Sep 2025

Project Description

Project Objectives

The loan will support UzMRC's transition from reliance on government funding to more sustainable, market-based financing solutions, while also enhancing access to housing finance.

Transition Impact

ETI score: 67

The loan to UzMRC will support the Competitive and Green qualities. The facility is expected to increase access to retail mortgage financing.

Client Information

MORTGAGE REFINANCING COMPANY OF UZBEKISAN

UzMRC is a non-bank financial institution established by the Ministry of Finance of the Republic of Uzbekistan in 2019 to provide long-term financial resources to eligble commercial banks to stimulate market-based mortgage financing and expand access to housing finance.

EBRD Finance Summary

USD 40,000,000.00

Total Project Cost

USD 40,000,000.00

Additionality

Additionality will be achieved through the following: (1) Financing structure with the EBRD providing the much-needed medium-term financing in synthetic UZS; (2) Standard setting as the financing will be accompanied by advisory support for green financing; (3) Capacity building as the EBRD will support the developement of Uzbekistan's Capital Markets Law, which will enable bond issuance and securitisation.

Environmental and Social Summary

Categorised FI (ESP 2024). UZMRC is a new client of the EBRD. The eligible sub-projects will address a funding gap for mortgages on residential real estate. The underlying collateral, mortgages on residential properties, is expected to present low environmental and social (E&S) risk. The primary E&S risks relate to social aspects associated with the mortgage portfolio.

Target impact allocations will include lending for energy-efficient renovations. Environmental and social due diligence was conducted through a review of the client's completed E&S questionnaire, supporting documentation, and follow-up discussions. UZMRC has an Environmental and Social Management System (ESMS) in place, which is considered appropriate for managing the E&S risk profile of the eligible sub-projects. The client is expected to maintain its ESMS to effectively assess, manage, and monitor E&S risks and impacts, in line with the EBRD's Environmental and Social Requirement (ESR) 9, which includes ensuring compliance with the EBRD's E&S exclusion list and alignment with relevant EBRD guidance for financial institutions; and in addition to continuing to comply with ESR 2 and 4.

Sub-borrowers financed by the client must comply with applicable national environmental, social, health, safety, and labour laws. UZMRC will be required to submit annual E&S reports to the EBRD, outlining compliance with the EBRD requirements, sub-project screening results, and any material E&S incidents. In line with the 2024 Environmental and Social Policy, UZMRC is also required to disclose information on its ESMS publicly.

Paris Agreement alignment assessment

The project is determined aligned with the Paris Agreement based on the application of the EBRD's Paris alignment approach for indirectly financed investments. The alignment determination is based on the application of pillar 1 (counterparty commitment to the Paris Agreement) and pillar 2 (sub-transactions filter).

Green finance attribution

15 per cent GET

Technical Cooperation and Grant Financing

TC support is provided by the EBRD Shareholder Special Fund (SSF).

Company Contact Information

General Enquiries
info@uzmrc.uz
+998 78 148-30-00
www.uzmrc.uz
Uzbekistan, Tashkent, 107B Amir Temur Ave., International Business Center, office 14A

PSD Last Updated

25 Sep 2025

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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UZMRC - Mortgage Loan

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)