FIF - CA WiB Programme - Ipoteka Bank



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Sep 2020



PSD disclosed:

05 Oct 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$ 10 million to be provided under the FIF Central Asian Women in Business Programme in favour of JSCMB Ipoteka-bank ("IB").

Project Objectives

The EBRD finance will provide support to IB's MSMEs, including women-led borrowers, in an environment of large- scale disruption caused by COVID-19. The proceeds of the loan will be on-lent by IB in line with the eligibility criteria defined in respective Policy Statements. 

Transition Impact

ETI score: 70

The loan will support the transition objective of the CA WiB Programme, i.e. promotion of female entrepreneurship and, more broadly, women's active participation in business, thus alleviating gender inclusion gaps in terms of access to finance and employment. Participation in the CA WiB is conditional on IB committing to ambitious targets in terms of market expansion (as detailed below), with a particular focus on regions. Taken together, these targets will contribute to improving access to finance for women entrepreneurs in Uzbekistan that the bank may not have pursued otherwise.

Client Information


Ipoteka Bank is one of the leading financial institutions in Uzbekistan, ranking 4th by total assets with market share of around 8.7 per cent at YE2019. The bank provides the whole range of commercial banking services via its wide network of 39 branches and over 100 minibanks covering the whole country. IB has multiple shareholder structure with the largest stakes held by Uzbekistan Fund for Reconstruction and Development and Uzbekistan's Ministry of Finance.

EBRD Finance Summary

USD 10,000,000.00

Total Project Cost

USD 10,000,000.00


Additionality will be achieved through a combination of:

Financing structure: EBRD offers financing on market driven terms and conditions that currently are not available from other commercial sources.

Standard-setting: clearly defined eligibility criteria for sub-borrowers as well as compliance with EBRD environmental and social standards, covenants and reporting requirements.

Knowledge, capacity building: TC component will help to develop financial products and lending practices that meet the specific needs of Women-led MSMEs, also providing training of staff and marketing support. In parallel, ABS ("Advice for Small Businesses") will help the bank improve access to know-how and to networks for Women SMEs.

Environmental and Social Summary

Categorised FI (ESP 2019). IB is an existing client with previous TFP and SME lines. Environmental and Social Due Diligence (ESDD) included a review of an updated due diligence questionnaire and the Borrower's current Environmental and Social Management System (ESMS), which is currently undergoing an update supported by the IFC. The ESMS is considered generally aligned with performance requirement (PR 9) and will reach full compliance with the EBRD ESP 2019, once IB has included the updated exclusion list and referral list, and adopted into its ESMS the screening of E&S risks to align with the EBRD's Environmental and Social Risk Management Procedures for Corporate, SME and Micro Loans. The Borrower will need to continue to comply with PR2 and 4. Specifically in relation to PR2 the Borrower has implemented recent collective redundancies due to a re-structuring and operational transformation programme which is being supported by IFC.  A review of this process is being undertaken to ensure the relevant requirements of PR2 are properly accounted for. The Borrower will continue to be required to submit annual environmental and social reports to the Bank.

Technical Cooperation and Grant Financing

IB will benefit from tailored TC assignment helping to develop financial products and lending practices that meet the specific needs of women-led MSMEs and support implementation of the programme including through training of the PFI staff and marketing support. The TC package will be tailored to the needs and requirements of IB. Exact scope and budget for BR will be finalised following the diagnostic study to be carried out by the Consultant.

The average TC amount per PFI is US$ 300,000 under the programme provided by the Women Entrepreneurs Financing Initiative, a Trust Fund managed by the World Bank, with additional contribution from IB of around US$ 20,000 in support of this TC in line with the Arrangements For Cost Sharing Between Donors and Clients - Policy Review (BDS14-024F) and respective implementation guidelines.

In addition, at women-led MSMEs' level, ASB ("Advise for Small Businesses") will provide support to potential clients, with the view to address the knowledge gap of women-led MSMEs. The support will include tailored business advisory services, such as basic diagnostic services to help women-led MSMEs prioritise their business advisory and financing needs; entrepreneurial skills courses to address limited business and management experience; networking opportunities to provide women-led MSMEs access to markets; and on-going business coaching projects to address the need for medium term assistance for women-led MSMEs to implement their business plans.

Company Contact Information

Rustam Pulatov
+998 (78) 147-47-13
+998 (78) 150-98-25
JSCMB “Ipoteka-bank” Shakhrisabz st.30 100000 Tashkent, Republic of 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

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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