GEFF Uzbekistan - Hamkorbank



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

21 Jul 2021



PSD disclosed:

15 Jun 2021

Project Description

A three-year senior unsecured loan of up to US$ 10 million equivalent to Joint Stock Commercial Bank with Foreign Capital Hamkorbank (Hamkorbank). The loan will be available in a single tranche in the local currency. The loan will be provided under the Green Economy Financing Facility Uzbekistan (GEFF Uzbekistan). The proceeds of the loan will be on-lent to eligible Sub-borrowers implementing qualifying Sub-projects in line with the technical and financial eligibility criteria; Sub-borrowers will be entitled for Investment incentives according to the eligibility criteria.

Project Objectives

The project will enable Hamkorbank to enhance its product range and provide term financing to private clients in the country for investments in climate change mitigation and adaptation technologies and services supporting Green Economy Transition.

Transition Impact

ETI score: 70

ETI: 70

The project will contribute to the Green Transition Impact quality. It facilitates building a green economy in Uzbekistan by facilitating the expansion of energy efficiency investments and providing positive demonstration effects of such projects, through on-lending to private sector Sub-borrowers (e.g. businesses, suppliers and vendors of high performing green technologies and service providers).

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 10,000,000.00

€8.2 million equivalent.

Total Project Cost

USD 10,000,000.00


Additionality will be achieved through a combination of: (i) much-needed medium-term financing; (ii) innovative green finance instrument; and (iii) standard-setting.

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 energy efficiency investments, 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. HamkorBank will also be required to implement the E&S Eligibility Criteria for Renewable Energy Projects, as applicable for each sub-project.

Technical Cooperation and Grant Financing

Hamkorbank will benefit from a comprehensive Technical Cooperation (TC) dedicated to support the implementation of the GEFF Uzbekistan. The total TC package under the GEFF Uzbekistan available for participating banks is up to €3.5 million. TC support is provided by the EBRD Special Shareholder Fund (SSF), TaiwanBusiness-EBRD Technical Cooperation Fund (TWTC) and Austrian Regional Early Transition Countries (ETC)  Energy Efficiency Programme Fund.

The loan is supplemented by co-investment grants of up to US$ 1.1m paid as investment incentives to Sub-borrowers in line with the levels and eligibility criteria set forth in the Policy Statement. Co-investment grants are provided by the SSF.

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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