RF - Asaka Bank



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

08 Jul 2020



PSD disclosed:

07 Sep 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

This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information.  Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

The provision of a senior unsecured loan of up to US$ 50 million to be provided in synthetic Uzbek Som, US$ or € under the Resilience Framework in favour of Asaka bank. The loan will be comprised of two tranches of US$ 20 million (Tranche 1) and US$ 30 million (Tranche 2). The proceeds of the loan will be channelled by Asaka bank to private small and medium-sized enterprises (SMEs) in Uzbekistan.

Project Objectives

The proposed project will allow Asaka bank to provide funding to eligible sub-borrowers thus improving resilience of the financial sector. Lending to the SME segment will support Asaka bank's strategic expansion of its SME segment within the wider aim to help commercialise the bank's business model.

Transition Impact

ETI score: 80

The project will contribute to the Resilient quality by helping Asaka bank to maintain sound financial profile amid the pressure due to the COVID-19 pandemic. The project will reinforce Asaka bank's lending capacity and help the bank to continue lending to SMEs.

The project will support the Competitive quality by helping Asaka bank to sustain SME portfolio growth at least in line with the market. The proposed project will facilitate provision of much-needed finance to private SMEs, thus helping to soften the economic consequences of the COVID-19 crisis.

Client Information


Asaka bank is one of the largest commercial banks in Uzbekistan, ranked third by assets out of 30 banks as of March 2020. The bank is majority-owned by the state via the Fund for Reconstruction and Development of the Republic of Uzbekistan (87.77 per cent) and the Ministry of Finance of the Republic of Uzbekistan (9.38 per cent). Currently, Asaka bank is undergoing though a transformation process, which envisages the commercialisation of the bank's business model and its eventual privatisation.

EBRD Finance Summary

USD 50,000,000.00

Total Project Cost

USD 50,000,000.00


COVID-19 crisis response: the EBRD financing effectively bridges a liquidity gap in financing SMEs due to adverse market conditions amid the COVID-19 pandemic.

Environmental and Social Summary

Categorised FI (ESP 2019). Asaka Bank is an existing client with a previous TFP line. Environmental and Social Due Diligence identified a number of gaps in compliance with PR9, PR4 and PR2 and actions to close these have been included within an Environmental and Social Management Plan, which has been agreed with the Client and will be included in the financing agreement. Asaka Bank will need to comply with the EBRD's Environmental and Social Risk Management Procedures for Corporate, SME and Micro Loans and the ESP 2019 referral and exclusion lists. The Borrower will be required to submit annual environmental and social reports to the Bank. The funding will be used for private Small and Medium-sized Enterprises (SMEs) as per the terms of the Policy Statement for which the overall environmental and social risk exposure is generally considered low.

Technical Cooperation and Grant Financing


Company Contact Information

General Enquiries
67 Nukus street, Mirabad district, Tashkent, Uzbekistan.

PSD last updated

28 Sep 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
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 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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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