FIF-CA WiB Programme- Arvand Bank



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Mar 2021



PSD disclosed:

05 Mar 2021

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

Provision of a senior loan of up to US$ 2.0 million (€1.6 million equivalent) to Arvand Bank under the  Financial Intermediary Framework-Central Asian Women in Business (FIF - CA WiB) programme for on-lending to women-led micro, small and medium-sized enterprises (MSMEs). 

Project Objectives

The project objective is to promote and support women entrepreneurship in Tajikistan and, more broadly, women's participation in business by assisting women-led MSMEs to access finance, know-how and advice, particularly in the regions of the country. The financing gap is a major obstacle in enabling the transition of women-led MSMEs.

The project implemented by Arvand Bank, an experienced lender to women-led businesses, will contribute to narrowing the gap. The proceeds will be used to finance loans to eligible women-led MSMEs in accordance with the elibibility criteria set in the Policy Statement for the Central Asian Women in Business programme.

Transition Impact

ETI score: 70

The project contributes to the objectives of the Central Asia Women in Business Programme ("CA WiB"), supporting the Inclusive and Competitive Transtion Impact qualities. The loan will support the transition objective of the CA WiB programme, i.e. the promotion of female entrepreneurship and, more broadly, women's active participation in business, alleviating gender inclusion gaps in terms of "access to finance" and "employment and business". The proposed CA WiB loan represents the second WiB loan to the client following a successful realisation of a pilot TajWiB loan.

Client Information


Arvand was transformed from an MFI into bank in September 2019 and currently operates as a fully-fledged universal commercial bank, offering a full range of banking services, primarily to retail segment.

As of end 2020 Arvand Bank was the seventh-largest bank by assets and fifth in terms of loan book in Tajikistan. Arvand bank is a longstanding EBRD partner bank serving around 39,000 borrowers and 49,000 deposit customers through 8 branches and 63 customer service outlets across Tajikistan as of end 2020. The relationship between EBRD and Arvand began in 2006, and since then comprised 11 projects in the total amount of USD 13.5m. The bank successfully took part in number of EBRD`s programmes (TAFF, MSE, ClimAdapt, WiB and RF) and currently developing its business under EBRD TFP programme.

EBRD Finance Summary

USD 2,000,000.00

A senior loan of up to US$ 2.0 million (€ 1.6 million equivalent) in two tranches of USD 1.0 million  each under the Central Asian Women in Business Programme.

Total Project Cost

USD 2,000,000.00


The project is highly additional as it broadens access to finance for women-led MSMEs through offering tailored products and facilitating economic inclusion of female entrepreneurs. The Bank will leverage the expertise of the EBRD and the TC consultant to continue improving its offer and delivery mechanisms for its women borrowers, who are facing increasing challenges due to the crisis. Local expertise in the segment is limited, therefore training and advising from the TC consultant will prove beneficial for the partner financial institution. In addition, Arvand will benefit from involvement in all activities organised under the umbrella of the programme and will share its multi-year expertise in inclusion, combining it with dedicated financing and business advisory services.

Environmental and Social Summary

Bank Arvand will be required to continue to comply with Performance Requirements 2, 4 and 9, and to apply EBRD's E&S Risk Management Procedures for Corporate and SME loans. Arvand 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. 

Technical Cooperation and Grant Financing

TC: The Central Asian Women in Business Programme includes two TC components: i) tailored capacity-building for partner banks (US$ 5.0 million financed by We-Fi), and ii) capacity-building for women-led MSMEs via the Advice for Small Businesses team (US$ 4.5 million financed by We-Fi).

Non-TC: The project involves a First Loss Risk Cover mechanism of up to 10% of the loan (limited to 70% per a single sub-loan) which translates into up to US$ 0.2 million; the mechanism will compensate for credit losses of Bank Arvand, if any and within US$ 0.2 million, in relation to its participation in the Programme. Sourse: SBIF.

Company Contact Information

Gulnora Yakubova
+992 44 600 14 00
CJSC Bank Arvand 1A Somoni Avenue Khujand, 735700, Republic of Tajikistan

Implementation summary

PSD last updated

05 Mar 2021

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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