FIF - UzPSB SME Senior Loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

28 May 2020



PSD disclosed:

21 Apr 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The provision of a three-year Senior SME Loan of up to US$ 40 million ("Loan") to Joint Stock Commercial Bank UzPromStroyBank (UzPSB). The proceeds will be used for on-lending to qualified private small and medium sized enterprises ("SME") in line with the Policy Statement.

Project Objectives

The Loan will enable UzPSB to diversify its portfolio, which is currently skewed toward large corporate clients, helping it to achieve a more balanced structure. It will also contribute to the expansion of the bank's SME client segment, including via reaching new clients and regions outside of Tashkent. Moreover, the Loan will further competition in the real economy by increasing availability of financing to the Uzbekistan's SMEs and, thus, supporting lending continuation to one of the segments most impacted by the COVID-19 crisis.

Transition Impact

ETI score: 60

The Loan seeks to: (i) foster SME competitiveness by increasing availability of financing; and (ii) contribute to the competitiveness of UzPSB by helping improve innovation in strategy, products, processes and marketing related to SME lending. By ensuring that UzPSB has adequate underwriting and risk management practices in place, it also seeks to encourage sustainable lending practices, supporting the resilience of the financial system.

Client Information


UzPSB is the oldest bank in the country, ranked second by assets (13 per cent market share) out of 30, as of YE2019. The bank is majority-owned by the state via the Uzbekistan Fund for Reconstruction and Development ("UFRD") and the Ministry of Finance. It follows a universal banking model, servicing more than 1 million clients, including 56 thousand corporates, via its 45 branches and 170 outlets across the country.

EBRD Finance Summary

USD 40,000,000.00

Total Project Cost

USD 40,000,000.00


Additionality stems from the inadequate financing options for local SMEs, particularly in light of the COVID-19 pandemic, with EBRD financing intended to bridge the resulting funding gap. Limited in-country presence of private investors or IFIs, which provide both access to financing and know-how to local players, also contributes to additionality..

Environmental and Social Summary

Categorised FI (ESP 2014). UzPSB is an existing client with a previous TFP line. Due to the nature of this transaction, Environmental and Social Due Diligence (ESDD) included a further review of the Borrower's Environmental and Social Management System, which is currently being updated with input from the IFC. The ESMS is considered generally aligned with Performance Requirement (PR) 9 and will reach full compliance with updates to refer to the EBRD specifics including the ESP 2019, exclusion and referral lists. In addition the Borrower will need to comply with PR2 and 4 and the EBRD's Environmental and Social Risk Management Procedures for Corporate, SME and Micro Loans. The Borrower will continue to be required to submit annual environmental and social reports to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

General Enquiries
+998 71 200 43 43
3, Shakhrisabz street, Tashkent city, 100000, Uzbekistan

PSD last updated

21 Apr 2020

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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