GCF GEFF Regional II - Humo Bank Loan IV

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The provision of a senior loan of up US$ 10 million equivalent to Humo, of which up US$ 7.5 million equivalent is to be provided by the EBRD and up USD 2.5 million to be provided by the GCF under the GCF-Green Economy Financing Facility Regional Framework (GCF-GEFF Programme in Tajikistan II).

Project ID 57042

Status Approved

Location

Tajikistan

Industry 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

Azamzhon Abbasov
AbbasovA@humo.tj
+992 (44) 640-55-44
https://www.humo.tj/
148/1 N. Qaraboev Str., 734061, Dushanbe, Republic of Tajikistan

Project ID 57042

Status Approved

Location

Tajikistan

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

08 Sep 2026

Disclosure date

21 Sep 2026

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Project Objectives

The proposed operation complies with the GCF-GEFF Regional Framework criteria. This is the fourth loan under the Framework to Humo which follows the successful utilisation of the "pilot" loan signed in 2019 and the second facility in 2022. Proceeds of the loan will be allocated to climate change mitigation and adaptation technologies. The transaction will support further expansion of Humo's product offerings with green lending products, in a gender responsive way.

Transition Impact

ETI score: 80

The project contributes to the objectives of the GCF-Green Economy Financing Facilities Framework (GCF-GEFF Regional Framework), supporting the Green TI quality, with 100% of the use of proceeds allocated to GET activities. The GEFF loan IV to Humo Bank will be the fourth transaction (following OPID 51519 and OPID 53302 under GCF GEFF Tajikistan I and OpID 54634 under GCF GEFF Tajikistan II) in Tajikistan under the GCF-GEFF Regional FW, and will contribute effectively to the overall transition objectives of the GCF-GEFF Regional Framework.

At the GEFF Tajikistan II Programme level, a green policy engagement component is included. The key activities and deliverables of the policy dialogue is institutional reform in the financial sector in Tajikistan, to be achieved by supporting the National Bank of Tajikistan in adoption of a regulation aimed at addressing climate risk, primarily through voluntary disclosures.

Related to the EBRD's Paris Transition Planning approach, the Bank is piloting a TI assessment and monitoring approach for projects where PFIs commit to developing a transition plan and disclosing its core actions and targets. This will be applied to both standalone projects and projects under frameworks. It is noted that as part of a previous GEFF transaction (OPID 54634), under GCF GEFF II Tajikistan, Humo Bank has committed to submitting to the EBRD a transition plan, which will set out time-bound targets, actions and milestones through which Humo Bank will improve its business practices in relation to climate change, progressively leading to the alignment of its financing activities with the goals of the Paris Agreement.

Client Information

HUMO BANK CJSC

Humo Bank CJSC is 8th largest bank by assets (4.6% market share) and 4th by the loan book (8.1%) at 1Q26. Humo serves approximately 419k clients, representing around ~4% of the national population, through a network of 25 branches (including one Islamic window branch), 58 customer service outlets (BSCs) and 68 new digital offices.

Background: Humo was founded as Micro Loan Fund "Humo" in 2004, originating from the microcredit programme of CARE International - a leading global humanitarian NGO founded in 1945 and focused on poverty alleviation - following the adoption of Tajikistan's Law on Microfinance. In 2008, the institution was restructured into "Humo & Partners" to support further growth and attract investment, before being converted into Micro Deposit Organization "Humo" in 2013 upon receiving a deposit-taking licence from the NBT. On 23 July 2025, Humo obtained a full banking licence from the NBT, completing its transformation into a fully-fledged universal commercial bank primarily serving retail and MSME clients.

EBRD Finance Summary

USD 7,500,000.00

Total Project Cost

USD 10,000,000.00

A senior unsecured loan of up USD 10m equivalent in two equal tranches of the equivalent of USD 5.0m each. 75 per cent of each tranche will be financed from EBRD sources in the synthetic local currency; the remaining 25 per cent of each tranche will be financed by Green Climate Fund (GCF) in US dollars.

Additionality

Financing structure: The EBRD offers a tenor which is above the market average and is necessary to structure the project. EBRD offers local currency financing on terms not readily available on the market.

Innovative financing structures and/or instruments: EBRD offers an innovative green finance instrument that integrates aspects such as climate and environmental, social and governance (ESG) standards and/or climate and ESG risk considerations into the financing structure.

Standard-setting: helping projects and clients achieve higher standards

Technical Cooperation and Grant Financing

TC: Humo will continue to benefit from a programme-level TC package funded by the GCF, Republic of Korea and Republic of Austria. The objective of the TC is to assist PFI with capacity building, implementation and monitoring of the programme. Funding source: GCF, Republic of Austria, Republic of Korea.

Climate risk and transition planning TC

The project will be additionally supported by a separate TC assignment focused on climate risk and the development and implementation of a transition plan which aims at the alignment of PFI operations with the objectives of the Paris Agreement, funded by the EBRD Shareholder Special Fund (SSF).

Non-TC:

I. Grant equivalent of GCF concessional funding will be utilised to increase the appetite of PFIs to participate in the Programme and direct their resources for developing this product to address the underserved market segment. The GCF's pricing will be discounted at 80 per cent of the EBRD's in order to support the GEFF's overall pricing. Source: Green Climate Fund (GCF).

II. Investment incentives will be provided to help stimulate the demand for innovative and high-performing green technologies, and to encourage early adoption of such solutions in the local market. Source: SSF

Company Contact Information

Azamzhon Abbasov
AbbasovA@humo.tj
+992 (44) 640-55-44
https://www.humo.tj/
148/1 N. Qaraboev Str., 734061, Dushanbe, Republic of Tajikistan

PSD Last Updated

21 Sep 2026

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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GCF GEFF Regional II - Humo Bank Loan IV

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)

GCF GEFF Regional II - Humo Bank Loan IV

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

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)