DFF - Nika Pharm



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

07 Dec 2021



PSD disclosed:

03 Dec 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

The provision of a senior secured loan of US$ 5 million to Nika Pharm LLC, a local pharmaceutical manufacturer in Uzbekistan. The project will finance the purchase of technological equipment to increase the company's production capacity of pharma goods, research and development (R&D) upgrades and the construction of new warehouses in the regions of Uzbekistan.

Project Objectives

The project will enhance the competitiveness of the company by supporting the capacity expansion of a local manufacturer, addressing indirectly the domestic pharma trade imbalance in the sector, which is currently heavily dominated by imports. The project further assists in the expansion of the company's geographical outreach via the construction of three new warehouses in the regions. Another integral part of the EBRD transaction has been the development of a tailor-made Corporate Governance Action Plan, to be adopted and implemented by the company and the wider Asklepiy Group to which it belongs. 

Transition Impact

ETI score: 67

The Project will support:

  • Primary quality "Competitive": improve the competitiveness of the Company via operational improvements, namely increased manufacturing capacities across tablet and capsules formulations, R&D capability upgrades and the construction of new warehouses in the regions.
  • Secondary quality "Well-Governed": significantly improve the corporate governance practices of the Company through a comprehensive Corporate Governance Action Plan (the "CGAP").

Client Information


Nika Pharm LLC, founded in 2006, is a local manufacturer of pharmaceutical products, established in Uzbekistan. The Company is engaged in the production of tablets, capsules, sachets and nasal sprays. This is currently the second largest domestic producer of pharmaceutical goods in the country.


EBRD Finance Summary

USD 5,000,000.00

US$ 5 million senior secured loan to the company in two tranches 

Total Project Cost

USD 8,000,000.00

The total Project cost amounts to US$ 8 million with inclusive of US$3 million contribution by the company.


  • Financing structure: the EBRD offers financing with a tenor longer than what is available from local commercial sources for domestic corporates and it is necessary for the Company to implement its long-term capital expenditure (CAPEX) plan; 
  • Standard-setting: Through the Bank's participation, the company and the Group will improve their corporate governance, through the adoption and implementation of a tailor-made Corporate Governance Action Plan. This will support the business to further grow in market share, become more aligned with best practices and resilient in its operations. 

Environmental and Social Summary

Categorised B (ESP 2019), Low Medium risk based on sector risks and Company's capacity to carry out its operations in line the EBRD PRs. The operations of pharmaceuticals formulation without API manufacturing and wholesale distribution are not associated with any significant environmental issues. The Project has no GET eligible components and is aligned with PA.

The ESDD for this project was carried out in line with COVID 19 approach and was based on in-house ESDD via corporate E&S Questionnaire, interviews and support materials review. The ESDD has confirmed that the Company has well established ESH capacities and manages its operations in manufacturing facilities, R&D laboratory and warehouses in line with established EHS Policies, implemented management systems certified to ISO 9001, 14001, 45001 and 22000 standards. The production facilities comply with national requirements of the Good Manufacturing Practices (GMP). The ESAP requirements include contractor management for warehouses construction, introduction of Good Distribution Practices (GDP) requirements, completion of land acquisition in line with the EBRD PR5, waste water treatment facility construction at the formulations facility, non-ozone-depleting refrigerants use, occupation health and safety and working conditions, fire safety controls, compliance with EURO6 exhaust emissions for the new transport fleet, pharmacovigilance and product safety procedures, among others. The ESAP will have to be agreed with the client prior to signing. The Bank will monitor the Project and the ESAP implementation through review of Annual E&S Reports and site visits as required.

Technical Cooperation and Grant Financing

  1. Technological Audit: €30,000 TC to identify the Company's technical gaps and provide solutions that enable further growth. 
  2. Legal Due Diligence:  € 19,000 TC to cover external legal DD expenses for an overall assignment of  €43,500. 
  3. Financial Reporting & Management:  €40,000 TC to help the Company transition from national GAAP to IFRS.

All funds are provided by the EBRD's Shareholder Special Fund. 

Company Contact Information

Mirzoanvar Tolibov
48A, Sayram passage 7, Tashkent, Uzbekistan 100170

PSD last updated

03 Dec 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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