UzMRC Mortgage Loan - 2

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The proposed operation is up to US$ 50 million synthetic local currency senior unsecured loan to Mortgage Refinancing Company of Uzbekistan (UzMRC), structured in two tranches (US$ 30 million committed and US$ 20 million uncommitted). The facility will provide UzMRC with medium-term local currency funding, enabling it to continue refinancing eligible residential mortgage loans originated by partner financial institutions (PFIs). As Uzbekistan's only specialised mortgage refinancing institution, UzMRC acts as a secondary market aggregator, supporting the expansion of commercially priced mortgage lending and standardised underwriting practices across the sector. The transaction represents EBRD's second engagement with UzMRC, building on the successful deployment of the initial facility in 2025.

Project ID 57269

Status Exploratory

Location

Uzbekistan

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

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 57269

Status Exploratory

Location

Uzbekistan

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

17 Jun 2026

Disclosure date

14 May 2026

Project Description

Project Objectives

The mortgage line will support UzMRC's ongoing transition from reliance on government funding toward more sustainable, market-based sources of financing, while continuing to expand access to housing finance. The project will also further promote the implementation and adherence to sound mortgage lending standards through continued alignment with the EBRD's Mortgage Lending Standards.

Transition Impact

ETI score: 62

The loan to UzMRC will support the Competitive and Resilient qualities.

Competitive: By expanding UzMRC's refinancing capacity, the project will increase the volume of mortgage lending; Resilient: The operation will strengthen financial discipline by promoting the adoption of the EBRD's Mortgage Lending Standards, enhancing underwriting consistency, risk management practices, and portfolio performance across selected partner banks.

Client Information

MORTGAGE REFINANCING COMPANY OF UZBEKISAN

Mortgage Refinancing Company of Uzbekistan ("UzMRC"), the country's only specialised mortgage refinancing and a non-bank financial institution regulated by the Central Bank of Uzbekistan. Established in 2019, UzMRC plays a central role in the development of Uzbekistan's market-based housing finance ecosystem by providing medium to long-term refinancing to selected commercial banks against pools of qualifying residential mortgage loans.

EBRD Finance Summary

USD 50,000,000.00

Total Project Cost

USD 50,000,000.00

Additionality

Additionality will be achieved through: (i) Financing structure: EBRD provides medium-term synthetic UZS financing that is not readily available in the market on reasonable terms, addressing structural constraints in local-currency mortgage funding; and (ii) Standard-setting: The operation embeds the EBRD's Mortgage Lending Standards into UzMRC's refinancing framework, promoting disciplined lending practices across selected PFIs.

Green assessments

N/A

Technical Cooperation and Grant Financing

N/A

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

14 May 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.

Our story

How we deliver systemic impact

What we offer for businesses

Search

UzMRC Mortgage Loan - 2

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

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)

UzMRC Mortgage Loan - 2

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Green assessments

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)