FIF - CA WiB Programme- Arvand Bank Loan II



Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

01 Mar 2022



PSD disclosed:

10 Mar 2022

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 loan of up to US$ 1.0 million to Arvand Bank under the  Financial Intermediary Framework-Central Asian Women in Business (FIF - CA WiB) programme for on-lending to women-led micro, small and medium-sized enterprises (MSMEs). 

Project Objectives

The proposed loan is the third WiB loan to the client following the successful realisation of a first pilot under the Taj WiB programme and a second transaction under the CA WiB. The transaction represents a continuation of the previous engagements, aiming to support further women-led MSMEs in Tajikistan by providing financing opportunities for their business activities and access to know-how.

Transition Impact

ETI score: 75

The project is a sub-operation of the CA WiB programme. It contributes to the objectives of the Central Asia Women in Business Programme ("CA WiB"), supporting the Inclusive and Competitive transition impact qualities, with the ultimate goal of promoting female entrepreneurship and, more broadly, women's active participation in business, thus alleviating gender inclusion gaps in terms of "access to finance" and "employment and business". The proposed CA WiB Loan represents a continuation of the two previous engagements with the client under the TajWiB and CA WiB programmes, respectively. 

Client Information


Closed Joint Stock Company "Arvand Bank" (Arvand) operates as a universal commercial bank, offering a full range of banking services, primarily to retail and MSME segments in Tajikistan. 

As of end-February 2022 the bank operated a network of 73 branches and banking service centers and had over 48,000 borrowers with a net loan portfolio exceeding US$ 57m. It has maore than 64,000 individual depositors. 

EBRD Finance Summary

USD 1,000,000.00

A senior loan of up to US$ 1.0 million in two tranches of USD 0.5million each under the Central Asian Women in Business Programme.

Total Project Cost

USD 1,000,000.00


Financing structure. Additionality of the proposed Loan stems from providing access to medium-term funding not readily available in Tajikistan, especially in the current macro-economic environment. Medium-term local currency funding will promote more adequate loan terms and structures than is currently available to MSMEs. The EBRD remains one of few IFIs offering local currency funding at commercially acceptable rates in Tajikistan.

Knowledge, innovation, and capacity building. With the WiB programme, the Bank offers a holistic form of support to the Client that, alongside the financing, comprises TC support and First Loss Risk Cover. This comprehensive set of interventions will allow the client to continue improving its practices, offering and delivery mechanisms targeted to women-MSME, who are facing increasing challenges due to the crisis, as well as to penetrate further this segment of the market. 

Environmental and Social Summary

Categorised FI (2019 ESP). Bank Arvand is an existing client of the Bank and its environmental and social (E&S) performance has been satisfactory to date as evidenced by annual reporting on environmental and social matters (including the 2021 Annual Environmental & Social Report). Bank Arvand has an E&S Policy and an Exclusion List, as well as a HR Policy and Code of Conduct. There is a system in place  for dealing with public enquiries and concerns.

In the context of this new transaction, Arvand 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, SME and Microlending. Arvand 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. 

Technical Cooperation and Grant Financing

TC: No further TC funds will be allocated. Arvand will continue to benefit from TC previously approved and on-going under the CA WiB Programme (OpID 52720), with some activities that are expected to build further the capacity of the client to serve the needs of women-led MSMEs.  

Non-TC: The project involves a First Loss Risk Cover mechanism of up to 10 per cent of the loan (limited to 70 per cent per a single sub-loan); the mechanism will compensate for credit losses of Bank Arvand, if any and within US$ 0.1 million, in relation to its participation in the Programme. Sourse: SBIF (Small Business Impact Fund).

Company Contact Information

Gulnora Yakubova
+992 44 600 14 00
CJSC Bank Arvand 1A Somoni Avenue Khujand, 735700, Republic of Tajikistan

PSD last updated

10 Mar 2022

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.


Share this page: