DFF - Angren Insulation / Ecoclimat GET



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

24 Aug 2021



PSD disclosed:

27 Aug 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 USD 5,000,000 senior secured loan to JV Angren Insulation LLC (the "Borrower" or the "Company") to finance the acquisition of technological equipment for a greenfield manufacturing plant for the production of thermal insulation products (the "Project")  with a manufacturing capacity of 20,000 tonnes per annum.

Project Objectives

The Project aims to (i) strengthen the Co-Borrowers' competitive position by improving quality standards in production that will be fully compliant with international certification; (ii) contribute to reducing carbon footprint and thus the green economy through its energy saving qualities; and (iii) improve profitability of the Co-Borrowers.

The Project contributes to two out of three strategic priorities in Uzbekistan: (i) enhancement of competitiveness of the private sector, as well as; (ii) the transition to a greener economy addressing significant transition gaps in the country.


Transition Impact

ETI score: 80

The DFF SME framework primarily targets the Competitive quality by helping SMEs to restructure and become more efficient or professional. Sub-projects can target any of the other transition qualities as the secondary objective. This Project contributes to the Competitive and Green qualities.

Client Information


JV Angren Insulation LLC, a greenfield company incorporated under the laws of Uzbekistan in 2018 and established to manufacture glass wool thermal insulation products with a total annual capacity of 20,000 tons p.a.

JV Ecoclimat LLC, a company incorporated and operating in the Jizzakh Free Economic Zone (FEZ) in Uzbekistan since 2015, is the first and only local and Central Asian producer of glass wool thermal insulation products, with the capacity of 12,000 tons p.a.

EBRD Finance Summary

USD 5,000,000.00

USD 5,000,000 senior secured capex loan to the Co-Borrowers.

Total Project Cost

USD 13,700,000.00

The total project cost amounts to USD 13,700,000.


The EBRD's additionality stems from the ability to (i) provide financing that is not available in the market from commercial sources on reasonable terms and conditions, e.g. a longer grace period; (ii) provide comfort by mitigating non-financial risks such as country, regulatory, project, economic cycle, or political risks; and (iii) support the Project to achieve higher standards inter alia higher inclusion and gender standards.

Environmental and Social Summary

Categorised B (2019 ESP). Medium-high risk rating due to the process and product safety issues and country's high labour risk profile. The environmental and social impacts associated with operations of the existing and construction of a new insulation wool plants are site-specific and can be addressed via an ESAP implementation. The ESDD was carried out in-house in line with the ESD Covid-19 Guidance to the ESDD, and entailed review of the E&S Project Questionnaire, support materials, a number of calls with the Client and a site visit by the banking team to collect data and images from the operational plant and construction site. The key E&S issues identified include high carbon footprint of the production processes associated with high energy intensity of the process; hazardous materials and waste handling, air emissions abatement, product safety as well as labour and occupational health and safety management and stakeholder engagement.  The new plant was subject to the environmental permitting by the local authorities and didn't require a national ESIA. The high temperature insulation wool manufacturing is eligible under the EU IED, and thus the new Project will have to comply with the requirements of the EU BAT Conclusions for Glass Manufacturing. The kiln supplier estimates for dust and HCL concentrations are significantly higher than EU BAT limits, with NOx and SOx being slightly higher and no estimates available for VOC, heavy metals and FCL. The Client will be required to install a bag filter and carry out an independent BAT Assessment with emissions measurements within first year of operations. The labour risks were assessed and no serious issues were identified given the limited resources with specific skills required for this highly automated process. Other ESAP measures include improvements in E&S management systems, materials storage, spills prevention, resource efficiency, occupational health and safety controls and behavioural programs, and fire safety management among others. The ESAP will have to be agreed with the Client prior to signing.  

Technical Cooperation and Grant Financing

(i) EUR 50,000 Technical Cooperation (TC) to cover legal consultant expenses provided by Shareholder Special Fund with a 33.3% client contribution.

(ii) EUR 26,000 TC to cover financial auditor expenses under EBRD's Accounting Improvement Project program aimed at the restatement of financial statements from local GAAP to IFRS. The funds are provided by the Small Business Impact Fund with a 25% contribution from the Borrower.

Company Contact Information

Babur Rakhimov
+998 71 2076776
Eski Otchopar St. 3, Mirabad District, Tashkent Uzbekistan

PSD last updated

27 Aug 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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