GCF GEFF Regional - Tajikistan - Imon loan II



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

21 Jun 2022



PSD disclosed:

26 Jun 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 up to US$ 4.0 million to MDO IMON INTERNATIONAL under the GCF GEFF Regional - GEFF Tathejikistan, of which up to US$ 3.0 million will be provided in Tajikistani Somoni out of the EBRD resources and up to US$ 1.0 million will be provided in US Dollars by the Green Climate Fund ("GCF"). 

Project Objectives

The proposed transaction will be the 2nd loan to IMON under the GCF GEFF Regional - GEFF Tajikistan (the "Facility"). Proceeds of the loan will be on-lent in line with the Policy Statement for the Facility to private sector sub-borrowers (individuals/ SMEs/corporates) for investments in climate change mitigation and adaptation technologies and services. IMON will benefit from Technical Cooperation ("TC") in form of trainings, capacity building and support for project implementation from the dedicated programme consultants.

Transition Impact

ETI score: 70

The project supports the Green TI quality through the provision of funding and know-how to financial intermediaries financing private sector investments in high performing climate change mitigation and adaptation technologies. This will facilitate Tajikistan's transition to environmentally sustainable, low-carbon and climate-resilient economy.

Client Information


IMON is the largest microfinance institution in the country covering around 9 per cent of total lending market in Tajikistan. The company serves over 130,000 customers via a network of 27 branches and 103 outlets located across 3 (out of 4) regionsIMON offers almost a full variety of conventional banking products to MSMEs, sole entrepreneurs and retail clients with primary focus on underserved, economically active segments of the Tajik population.

EBRD Finance Summary

USD 3,000,000.00

Total Project Cost

USD 4,000,000.00


Innovative financing structures and/or instruments: The EBRD offers an innovative green finance instrument that integrates aspects such as upfront cost and relatively longer payback period of green technologies, climate and environmental, social and governance standards and/or climate and ESG risks considerations into the financing structure.

Environmental and Social Summary

Categorised FI (2019 ESP). IMON 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 E&S matters. The 2021 E&S report shows that the Client has some E&S and Human Resources policies in place and focuses on micro-finance for individual and MSE lending (average loan size around 1,000€). This is considered as low E&S risk. In the context of this new transaction, Imon will be required to comply with Performance Requirements 2, 4 and 9 and the 2019 ESP exclusion list, and to apply EBRD's E&S Risk Management Procedures for Corporate and SME loans. Imon 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.

All projects under the Green Economy Financing Facility (GEFF) will be required to comply with the national environment, health and safety and labour regulations and standards as well as the Environmental and Social eligibility criteria for Renewable Energy sub-projects, as applicable. The project is consistent with the GET approach, and the GET share is 100%.

The Project's use of proceeds may include solar sub-projects. Such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach.

Technical Cooperation and Grant Financing

TC: The project will be implemented under GCF GEFF Regional - GEFF Tajikistan Facility which is supported by a comprehensive TC package of €3.0 million for project preparation, implementation and verifications, as well as overall monitoring of the Programme and capacity building for the PFIs. The TC is funded by GCF and Republic of Korea. IMON will be required to provide parallel contribution of €3,000 towards the cost of the TC directly benefiting IMON. 

Non-TC: The project involves two non-TC components:

1) Grant equivalent of GCF concessional funding in the amount of up to US$ 80,000. The credit line consists of the EBRD portion (75 per cent) and GCF portion (25 per cent). The GCF's margin and front-end-fee will be discounted at 80 per cent of the EBRD's in order to support the GEFF's overall pricing on IMON.

2) Investment incentives from EU in the amount of up to US$ 880,000 (subject to availability of funding) to help stimulate the demand for incipient or high performing technologies in the context of Tajikistan. Incentives will exclusively be provided to sub-borrowers along the agricultural value chains.

Company Contact Information

Iso Abdusamiev
+992 3422 42353
17th Microdistrict, Building#2 Khudjand 735700 Republic of Tajikistan

PSD last updated

26 Jun 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.

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Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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Tel: +44 20 7338 6794
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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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