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).
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.
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.
EBRD Finance Summary
Total Project Cost
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
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