FIF - Hamkorbank MSME Loan II



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

21 Jul 2021



PSD disclosed:

15 Jun 2021

Project Description

The provision of a three-year senior loan of up to US$ 40 million equivalent to Joint Stock Commercial Bank with Foreign Capital Hamkorbank (Hamkorbank). The loan will be available in three tranches in the local currency; the second and third tranches are uncommitted. The proceeds of the loan will be on-lent to eligible MSME Sub-borrowers in line with the eligibility criteria

Project Objectives

The project contributes to the objectives of the Financial Intermediary Framework (FIF). FIF seeks to (i) foster SME competitiveness by increasing availability of financing and (ii) contribute to the competitiveness of financial institutions by enabling innovation in strategy, products, processes and marketing related to SME lending. By ensuring that banks have adequate underwriting and risk management practices in place, the FIF also seeks to encourage sustainable lending practices, supporting the resilience of the financial system.

Transition Impact

ETI score: 60

ETI: 60

The project will contribute to the Competitive and Resilient Transition Impact qualities. The project will support Hamkorbanks's lending to private MSMEs in Uzbekistan by a multiple of the EBRD's funding with the focus on regional outreach and attraction of new MSME clients, while maintaining sound underwriting standards.

Client Information


Hamkorbank is the largest private bank in Uzbekistan with strong expertise in MSME lending, it is ranked eighth by assets (3 per cent market share). The bank is majority-owned by Mr. Ikram Ibragimov, a local businessman. FMO, IFC and responsAbility are among shareholders.

EBRD Finance Summary

USD 40,000,000.00

€ 32.9 million equivalent.

Total Project Cost

USD 40,000,000.00


Additionality will be achieved through a combination of: (i) much-needed medium-term financing; and (ii) risk mitigation.

Environmental and Social Summary

Categorised FI (ESP 2019). Hamkorbank is an existing Client of the Bank. The ESMS is considered generally aligned with performance requirement (PR) 9 and will reach full compliance with updates to refer to the ESP 2019 including the updated exclusion list and referral list. The finance is anticipated to be used for SMEs finance for which the overall environmental and social risk exposure is generally considered low to medium and for which the ESMS is considered adequate.  Hamkorbank will need to continue to comply with PR2 and 4, the EBRD's Environmental and Social Risk Management Procedures for Corporate, SME and Micro Loans and continue to submit annual environmental and social reports to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

Alexander Khan
85 Bobur Avenue Andijan region 170119 Republic of Uzbekistan

PSD last updated

15 Jun 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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