Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

16 Jun 2020



PSD disclosed:

29 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$ 25 million in the local currency equivalent (synthetic UZS) under the Resilience Framework in favour of Uzpromstroybank ("UzPSB"). The proceeds of the loan will be channelled by UzPSB to the businesses operating in Uzbekistan. This project was approved in the context of the Bank's response to the COVID-19 pandemic.

Project Objectives

The proposed project will allow UzPSB to: (i) provide much needed funding in the local currency to eligible sub-borrowers thus improving the resilience of the financial sector; and (ii) help UzPSB to maintain and grow its market share in lending to the local private borrowers despite of the COVID-driven market disruption. Moreover, continued lending to the SME segment will be essential for the bank's management to carry on the Transformation efforts.

Transition Impact

ETI score: 80

The transition qualities are Resilient and Competitive. The operation will contribute to the resilience of the financial sector and promote competition in the sector. More specifically, it will help UzPSB to remain solvent and operational (Resilient) and continue commercial lending in line with the market and comparable players (Competitive).

Client Information


UzPSB is the oldest bank in the country, ranked second by assets out of 30April 2020. The bank is majority-owned by the state via the Uzbekistan Fund for Reconstruction and Development ("UFRD") 82.1 per cent and the Ministry of Finance 12.8 per cent. UzPSB follows a universal banking model and serves more than 1 million clients, including 56,000 corporates, via its 45 branches and 170 outlets across the country. Currently, UzPSB is undergoing a Transformation process, which envisions commercialisation of its business model and ultimate privatisation.

EBRD Finance Summary

USD 25,000,000.00

Total Project Cost

USD 25,000,000.00


Additionality for the proposed UZS SME loan stems from limited financing options for local SMEs. In light of the limited in-country presence of private investors or IFIs, which provide both access to financing and know-how to local players, the Bank's role would be particularly visible, helping to attract more private investors. The intangible benefits of the Bank's involvement with a key local player will also help facilitate the sector-wide transition toward a more competitive and commercial business model.

Environmental and Social Summary

Categorised FI (ESP 2019). UzPSB Bank is an existing client with a previous TFP line and recently signed SME loan. Environmental and Social Due Diligence (ESDD) was recently completed for the SME transaction and 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 continue 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

UzPSB will continue to benefit from existing TC assignments started for previous projects: "Uzbekistan: Financial Institutions Development TC Programme" (TCRS 8332, €5 million total cost, TC Com approved 12/07/2017), which supports development of an SME lending programme and strengthens the Treasury function. 

UzPSB will also continue to benefit from TC under the "Regional Small Business Programme for Central Asia - TC Programme" (TCRS 7579) by way of participating in centralised training workshops and e-learning courses. Although the in-person workshops had been put on hold due to the COVID-19 pandemic, they are expected to resume after the restrictions on travel are lifted; the disruption is not expected to affect UzPSB's efficient utilisation of the proposed loan.

Company Contact Information

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

PSD last updated

15 Oct 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.


Share this page: