GCF GEFF Regional - Tajikistan- Eskhata



Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

15 Dec 2020



PSD disclosed:

16 Dec 2020

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

A senior loan of up to US$ 4.0 million (€3.4 million equivalent) to Bank Eskhata under GEFF Tajikistan. It will promote investments in climate change mitigation and adaptation technologies

Project Objectives

The project objective is to promote investments in efficient climate change mitigation and adaptation technologies and to contribute to Tajikistan's transition to environmentally sustainable and climate-resilient economy. Proceeds of the loan will be on-lent to private sector sub-borrowers in line with the GEFF Policy Statement.

Transition Impact

ETI score: 70

The project supports the Green TI quality through the provision of funding and know-how to financial intermediaries financing private sector investments in high performing climate change mitigation and adaptation technologies. This will facilitate Tajikistan's transition to environmentally sustainable, low-carbon and climate-resilient economy.

Client Information


Bank Eskhata is the largest private bank in Tajikistan. With the total assets of US$ 222 million and the loan book of US$ 136 million, it holds a 10 per cent market share and is ranked among Top 5 largest banks by assets. It primarily operates in the northern region of Tajikistan through 22 branches and 182 service outlets. The EBRD has been a shareholder in the bank since 2005.

EBRD Finance Summary

USD 3,000,000.00

Total Project Cost

USD 4,000,000.00

A senior loan of up to US$ 4.0 million (€ 3.4 million equivalent) in three tranches: two tranches of US$ 1.5 million (€ 1.3 million equivalent) each and the third tranche of US$ 1.0 million (€ 0.8 million equivalent). 75% of each tranche will be financed from the EBRD sources in the synthetic local currency; the remaining 25 per cent of each tranche will be financed by Green Climate Fund in US dollars. Mobilised financing: USD 1 miilion (€ 0.8 million equivalent).


Innovative financing structures and/or instruments: EBRD offers an innovative green finance instrument that integrates aspects such as upfront cost and relatively longer payback period of green technologies, climate and environmental, social and governance standards and/or climate and ESG risks considerations into the financing structure.

Gender additionality: Gender additionality will be achieved by ensuring that gender considerations are reflected in the implementation of the transaction through enhancing PFIs' standards of business conduct/training of PFI staff, awareness raising campaigns to target both female and male sub-borrowers of green financing. 

Environmental and Social Summary

Bank Eskhata will be required to continue to comply with Performance Requirements 2, 4 and 9, and to apply the EBRD's E&S Risk Management Procedures for Corporate and SME loans. The bank should continue to provide annual E&S reporting to the Bank on compliance with the applicable PRs and any other E&S matters arising during the year. All projects under the GEFF will be required to comply with the national environment, health and safety and labour regulations and standards.

Technical Cooperation and Grant Financing

TC: The project  will benefit from a comprehensive Programme-level TC package of US$ 3 million for project preparation, implementation and verifications, as well as overall monitoring of the Programme and capacity building for the PFIs. TC supports gender activities that aim to enhance women and men's equal opportunity to access finance for green technologies.  Source: Green Climate Fund and Republic of Korea. 


I. Grant equivalent of GCF concessional funding in the amount of up to US$ 0.08 million. The GCF's margin and front-end-fee will be discounted at 80 per cent of the EBRD's in order to support the GEFF's overall pricing. Source: Green Climate Fund.

II. Investment Incentives helping to stimulate the demand for incipient or high performing technologies in the amount of up to US$ 0.88 million. Source: EU.

Company Contact Information

Daler Sadikov

PSD last updated

16 Dec 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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