GCF GEFF Regional - Tajikistan - Imon



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

06 Jul 2021



PSD disclosed:

15 Jul 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$ 3.0 million to Imon International under the Green Economy Financing Facility (GEFF) for Tajikistan. The proceeds of the loan will be used to finance investments in climate change mitigation and adaptation technologies by local individuals, small businesses (SMEs) and corporates. 

Project Objectives

The project objective is to support the expansion of Imon's product offerings with green lending products, helping to build a green economy in Tajikistan by facilitating the accelerated market penetration of climate technologies.

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 support building a green economy in Tajikistan by facilitating the accelerated market penetration of climate technologies, particularly focusing on the promotion of renewable energy/energy efficiency/climate resilient technologies. 

Client Information


IMON is the largest micro-finance institution (MFI) in Tajikistan covering around 18% of the micro lending and 9% of total lending. The company serves over 100,000 customers via an extensive network of 28 branches and 102 outlets located across 3 (out of 4) regions.
The company was founded as a micro-lending project in 1999 by the National Association of Business Women of Tajikistan (NABWT) in partnership with the NGO MercyCorps, a global aid agency. In 2005 it was transformed into Microcredit Fund "IMON" and then into a commercial micro-lending organization "IMON International" in 2008. The company obtained a deposit taking licence in 2012 and was subsequently reorganised as a microfinance deposit-taking organisation (MDO). Since then it offers an almost full variety of conventional banking products (loan, deposit, money transfer and FX transactions) to MSMEs, sole entrepreneurs and retail clients with primary focus on underserved, economically active segments of the Tajik population.

EBRD Finance Summary

USD 2,250,000.00

Total Project Cost

USD 3,000,000.00


Innovative financing structures and/or instruments: EBRD offers an innovative green finance instrument that integrates aspects such as climate and environmental, social and governance (ESG) standards and/or climate and ESG risk considerations into the financing structure.

Standard-setting: Client seeks EBRD expertise on higher inclusion and gender standards and/or equal opportunities action plans.

Environmental and Social Summary

IMON 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. IMON 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 sub-projects will be required to comply with the national environment, health and safety and labour regulations and standards as well as the Environmental and Social eligibility criteria for Renewable Energy sub-projects, as applicable.  

Technical Cooperation and Grant Financing

A. Technical Cooperation (TC)

The project is supported by TC package funded by the GCF. The objective of the TC is to assist PFIs with capacity building, implementation and monitoring of the programme. The consultant will assess and verify the technical implementation of the investments by the sub-borrowers when needed. The consultant will transfer know-how and raise awareness about climate change mitigation and adaptation technologies amongst retail clients/ SMEs/corporates, as well as provide project appraisal support and guide sub-borrowers to most optimal technology choices. Gender activities will include i.e. a gender baseline assessment, awareness raising activities among potential sub-borrowers and capacity building of IMON staff to help address gender-specific supply and demand obstacles.

Funding source: GCF and Republic of Korea

Amount/currency: EUR 3.0m at the GCF Programme level

Funding status: Confirmed

B. Co-investment grants / Concessional Finance (Non-TC)

The project involves two Non-TC components:

i)  Concessional funding from GCF is utilised to increase the appetite of PFIs to participate in the Programme and focus their resources for developing this product that could address the underserved market segment.

Funding source: GCF.

Amount/currency: USD 0.06m (grant equivalent of USD 0.75m concessional loan).

Funding status: confirmed.

ii) Investment incentives will be provided to help stimulate the demand for incipient or high performing technologies in the context of Tajikistan. Incentives will be provided only to sub-borrowers involved in the agricultural value chains.

Funding source: EU.

Amount/currency: USD 0.66m.

Funding status: confirmed.

Company Contact Information

Khurshed Tadzhibaev
+992 3422 42353
17th Microdistrict, Building#2 Khudjand 735700 Republic of Tajikistan

PSD last updated

15 Jul 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
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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