GEFF Uzbekistan - Uzbek Leasing



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

19 Apr 2022



PSD disclosed:

29 Apr 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 secured loan of up to US$ 3.0 million (€ 2.7 million) to Uzbek Leasing International A.O. (the "Company" or "UL"), an Uzbek joint stock company. The second tranche of US$ 1 million will be uncommitted. The loan will be provided in UZS or USD under GEFF Uzbekistan.

Project Objectives

The GEFF Loan is expected to contribute to the creation of a demand-driven, self-sustaining market for investments in high performance technologies and services supporting Uzbekistan's green economy transition. UL focuses on SME leasing and has a good nation-wide presence. The EBRD's extensive experience in implementing energy and resource efficiency finance facilities across the region combined with UL's position in the Uzbek market with a particular focus on SMEs as well as the company's commitment to support the innovative products create essential ingredients for an effective implementation of this project.

Transition Impact

ETI score: 70

60 (FW)

The project contributes to the Green TI quality in line with the GET TI rating methodology, with 100 per cent of the use of proceeds allocated to GET activities. The Loan will contribute towards 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


Uzbek Leasing ("UL") was founded in 1996 as the first specialised leasing company in Uzbekistan. With its headquarters in Tashkent and representative offices in 10 regions, UL specialises in providing a wide spectrum of leasing services (lease of equipment and vehicles) to local SMEs including women-led businesses. 

EBRD Finance Summary

USD 3,000,000.00

Total Project Cost

USD 3,000,000.00


Financing Structure: the EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, e.g. a grace period, possible financing in the local currency. Such financing is necessary to structure the project.

Innovative financing structures and/or instruments: The terms and conditions of the GEFF Loan go significantly beyond those required by the providers of commercial sources of funding inter alia by offering a comprehensive TC package. They are designed to promote GET compliant investments and sustainable lending practices. Sub-lessees will be engaged in energy and climate audits, minimum performance standards of technologies, climate-related strategies and policies, monitoring, reporting and verification (MRV) systems etc.

Standard-setting: UL will make use of the EBRD expertise over energy and resource efficiency and climate resilience financing via provision of energy and climate audits, minimum performance standards of technologies, climateirelated strategies and policies, monitoring, reporting and verification (MRV) systems etc. Through the TC EBRD will provide expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project's objectives, including support to strengthen the capacity of the client. 

Environmental and Social Summary

Categorised FI (2019 ESP). Uzbek Leasing (UL) is an existing client of the Bank and environmental and social due diligence included a review of the annual environmental and social (E&S) report and of the Borrower's current Environmental and Social Management System (ESMS). The E&S performance of UL has been satisfactory to date as evidenced by annual reporting on E&S matters. The 2021 E&S report shows that the Client has a Code of Ethics, HR and gender policies in place. The client has updated the ESMS in line with the EBRD's ESP 2019 including the EBRD's E&S Exclusion List. In the context of the WIB Programme and GEFF Loan, Uzbek Leasing will be required to continue to comply with Performance Requirements 2, 4 and 9, and to apply the EBRD's E&S Risk Management Procedures. UL will also be required to implement the E&S Eligibility Criteria for Renewable Energy Projects as part of the GEFF Loan, as applicable for each sub-project. Uzbek Leasing will 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

A. TC: UL will benefit from a comprehensive TC package of up to EUR 3.5 million dedicated to support the implementation of the GEFF Uzbekistan. There is no specific TC allocation for each participating financial institution. TC support for UL and Sub-lessees is consistent with the Arrangements for Cost Sharing between Donors and Clients i relevant policy BDS14-024/F. UL is expected to provide both parallel and in-kind client contributions on pro-rata basis:

1)      Parallel contribution of up to € 1,750 (equivalent of up to 20 per cent of the TC resources linked to marketing and training which directly benefit the PFI).

2)      In-kind contribution provided by dedicating internal resources such as office space and human resources to support implementation and disbursement of the Facility.

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

The Facility will be supported with non-refundable co-investment grants (incentives) of up to US$ 330,000 paid as investment incentives to Sub-borrowers in line with the levels and eligibility criteria set forth in the GEFF Policy Statement.

Company Contact Information

Mr. Zafar Mustafaev
(+998 78) 120-02-02
(+998 71) 140-37-74
Amir Temur Avenue 88-A, Tashkent, 100084, Republic of Uzbekistan

Implementation summary

PSD last updated

29 Apr 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.


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