TBC Bank Uzbekistan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Dec 2020



PSD disclosed:

26 Oct 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

An equity investment of up to US$ 26.6 million (€ 19 million) equivalent in UZS with the first commitment of US$ 9.4 million (€ 6.9 million) to purchase up to 20 per cent stake in TBC Bank Uzbekistan, a joint stock commercial bank incorporated in Uzbekistan, alongside the IFC.  TBC Bank Uzbekistan is the subsidiary of TBC Bank Group PLC, a UK-incorporated parent company of JSC TBC Bank Georgia which is the largest banking group in Georgia.

Project Objectives

The investment will provide capital to support expansion of operations of a newly established, foreign private bank in Uzbekistan. TBC Bank Uzbekistan is the first next generation bank on the market offering impactful products and services to the currently underserved segments of retail, micro and small enterprises operating in the country.  

Transition Impact

ETI score: 90

Well-governed: The investment represents a critical element of the EBRD's strategic policy engagement in the banking sector that is aimed at reducing the role of the state and supporting entry of foreign strategic investors. IFIs will support in setting standards in corporate governance as well as help developing environmental and social management systems. 

Competitive: The investment centres on supporting foreign strategic investor's expansion plans. TBC Bank Uzbekistan will offer innovative digital products and services to the  underserved segments of retail, micro and small enterprises operating in Uzbekistan.

Client Information


EBRD Finance Summary

USD 26,600,000.00

Total Project Cost

USD 134,300,000.00


Additionaloity sources include (i) risk mitigation as trusted relationship with the EBRD gives sufficient comfort to TBC Bank Group PLC to expand to new markets, (ii) sector change to be triggered by demonstration through success of the flagship project and (iii) standard setting as TBC Bank Uzbekistan makes use of the EBRD expertise in corporate governance improvements, including for climate risk management.

Environmental and Social Summary

Categorised FI (ESP 2019).  TBC Uzbekistan is a new bank and will be required to comply with EBRD's PRs 2, 4 and 9.  TBC Bank Group PLC is a long standing client of the EBRD and has put in place policies and procedures to ensure compliance with, not only EBRD's environmental and social requirements, but also the equivalent requirements of the IFC, the ADB and FMO.  TBC Bank has a comprehensive environmental and social management system (ESMS) in place, which was updated in May 2019.  This ESMS has been reviewed on a number of occasions by the EBRD and found to be fully compliant with the EBRD requirements.  TBC Bank Uzbekistan will likewise have both the EBRD and the IFC as investors and as such will be bound by both the EBRD's and the IFC's E&S requirements.  Key requirements will comprise ensuring that adequate staffing capacity is in place for management of E&S issues, development of an ESMS that meets both the EBRD and the IFC standards, having a system in place for referral of projects to the EBRD, and provision of annual E&S reporting. 

Company Contact Information

David Melikidze
+998 78 777 27 27
Avenue Amit Temur, 118/1 Tashkent, Uzbekistan

PSD last updated

26 Oct 2021

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.


Share this page: