FIF - CA WiB Programme - 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$ 6.0 million (€ 5.4 million) to Uzbek Leasing International A.O. (the "Company" or "UL"), an Uzbek joint stock company. The second tranche of US$ 3 million will be uncommitted. The loan will be provided in UZS or USD. The loan will be used for financing projects under Central Asian WiB Programme ("WiB Loan").

Project Objectives

The proposed WiB loan aims to improve access of women-led MSMEs in Uzbekistan to finance and know-how. UL, an existing EBRD partner will become the first leasing company under the CA WiB Program and will on-lend the proceeds of the WiB Loan to eligible women-led MSMEs.

Transition Impact

ETI score: 75

75 (FW)

The proposed Loan contributes to the objectives of the CA WiB Programme, supporting the Inclusive and Competitive TI qualities. The loan will support the transition objective of the CA WiB Programme, i.e. promotion of women businesses' access to finance and, more broadly, women's active participation in business, thus alleviating gender inclusion gaps in terms of "access to finance" and "employment and entrepreneurship". At the date of this document, this represents the first sub-operation of the CA WiB to a leasing company in Central Asia.

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 6,000,000.00

Total Project Cost

USD 6,000,000.00


Financing Structure:The Bank will provide medium-term funding (potentially LCY) which remains scarce to the sector and UL in particular, with dominant share of demand/ short-term deposits in the funding structure.

Knowledge, innovation, and capacity building: The EBRD offers a holistic package that comprises commercial financing blended with concessionality (TC and non-TC funds) that altogether may help alleviate gender gaps in access to finance in the country and enhance the Client's practices. The TC offered to UL will help develop financial products and leasing practices that meet the specific needs of women-led MSMEs and build the internal capacity for their successful roll-out, such as through dedicated training. In parallel, ASB services will help improve access to know-how and to networks for Women SMEs. Besides, the FLRC will provide comfort to the Client by mitigating the risks associated with entering more pronouncedly into a relatively new segment of the market.

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 is required for further improvement on labor management going forward and 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. Technical Cooperation (TC): the CA WiB TC Programme includes two linked TC components:

(i) tailored capacity-building for partner financial institutions ("PFIs"): a TC Programme of up to USD 8m has been established for capacity building to PFIs and programme support. The TC programme will help PFIs individually develop financial products and lending practices that meet the specific needs of women-led MSMEs and support implementation of the Programme including through training of PFI staff and marketing support, as well as a risk sharing mechanism to stimulate lending to this group on a sustainable basis by addressing identified market failures.

Funding source: Women Entrepreneurs Financing Initiative (We-Fi); Amount/currency: USD 5.0m (first instalment) out of USD 8.0m received to date at the CA WiB TC Programme level (with USD 3.0m second instalment requested); Client contribution: In line with the EBRD Client Contribution Policy (BDS20-119/Rev 1) and guidelines, the client will be required to contribute up to USD 18,000 in parallel in support of the TC. This parallel client contribution can be made in connection with seminars, events and marketing activities and materials which may be used for training and promotion of WiB-related products.

(ii) capacity-building for women-led MSMEs via the Advice for Small Businesses (ASB) team.

Funding source: We-Fi; Amount/currency: USD 4.5m at the CA WiB Programme level

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

The project involves a First Loss Risk Cover mechanism of up to 10% of a WiB loan (limited to 70% per a single sub-loan) which translates in FLRC of up to USD 0.175m for the proposed WiB Loan; the first loss risk cover will compensate for credit losses of UL as a result of its participation in the Programme.

Funding source: We-Fi; Amount/currency: USD 0.175m (provided in local currency); Funding status: Confirmed

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

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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