DFF - UZBeer



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

10 May 2022



PSD disclosed:

16 May 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 loan in two tranches of up to €8m and up to US$ 6m to UzCarlsberg LLC in order to provide capital expenditure financing required for the capacity expansion. Up to €2.4m and US$ 1.8m of the loan will be co-financed by the Innovation and Sustainability in Agribusiness Value Chains Account of the Financial Intermediary and Private Enterprises Investment Special Fund sponsored by Taiwan International Cooperation and Development Fund (TaiwanICDF).

Project Objectives

The proceeds of the loan will be used to finance the increase the borrower's existing production capacities. By financing the modernisation of the existing equipment the company will be aiming to increase its resource efficiency. 

Transition Impact

ETI score: 63

(i) the Competitive quality as the Project supports operational changes leading to competitiveness improvements. This will enable the Company's operational performance to go beyond prevailing standards in Uzbekistan.

(ii) the Green quality, as the Project envisages improvements in resource efficiency of the production process by modernisation of the equipment.

Client Information


EBRD Finance Summary

EUR 9,642,932.09

Total Project Cost

EUR 13,775,617.27


Financing structure: the Bank will provide long-term financing which is difficult to obtain in Uzbekistan, especially in the agribusiness sector in the current macroeconomic environment. The Bank is in a unique position in its ability to provide FX currency funding in a structure involving tranches in several currencies to finance capex. 

Risk mitigation: the Borrower considers the Bank as a long-term partner and would like to continue this strategic partnership in challenging economic conditions, e.g. the current COVID-19 situation and geopolitical uncertainty in the region.

Standard-setting: the Project entails a set of financial covenants at the Borrower's level to ensure the higher financials standards and financial discipline to be implemented and monitored during the tenor of the Loan.

Environmental and Social Summary

Categorised B (2019 ESP) and Low Medium Risk. Environmental and social due diligence (ESDD) was undertaken by ESD and included review of the completed standard ESDD questionnaire by the Company and follow-up Q&A with Company's management. The Company has a number of systems in place for the management of E&S issues although some development will be required to ensure compliance with the Bank's PRs. An ESAP has been drafted and will need to be finalised and agreed with the Company prior to signing. The Project is considered Paris aligned for climate mitigation as it features in the joint MDB "aligned list". For the purposes of climate-related financial risk management, an assessment of the physical climate risk of the CART was also undertaken. As the counterparty operates at several geographical locations, its overall exposure to physical climate risks are considered to be low and the PC score is 1. GET share of the Project is 35.8%.

Technical Cooperation and Grant Financing


Company Contact Information

Mr. Shalva Zonenashvili, Chief Finance and Business Development Officer

PSD last updated

16 May 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
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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