GEFF Uzbekistan - UzPSB Senior Loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

23 Mar 2021



PSD disclosed:

31 Mar 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

The provision of a four-year senior loan of up to US$ 25 million to Joint Stock Commercial Bank UzPromStroyBank (UzPSB). The loan will be provided in two tranches of US$ 10 million and US$ 15 million, the second tranche will be uncommitted.The loan will be provided under the Green Economy Financing Facility (GEFF) in Uzbekistan. The proceeds of the loan will be on-lent to eligible Sub-borrowers implementing qualifying Sub-projects in line with the technical and financial eligibility criteria. The loan will be provided in either US$ or in the local currency.

Project Objectives

The Loan will enable UzPSB to enhance its product range and provide term financing to private clients in the country for investments in climate change mitigation and adaptation technologies and services supporting Green Economy Transition.

Transition Impact

ETI score: 60

The proposed Loan will contribute to the Green TI quality. The Facility will contribute towards building a green economy in Uzbekistan by facilitating the expansion of energy efficiency investments and providing positive demonstration effects of such projects, through on-lending to private sector Sub-borrowers (e.g. businesses, suppliers and vendors of high performing green technologies and service providers).

Client Information


UzPSB is the oldest bank in Uzbekistan, ranked second by assets (13 per cent of the market share). The bank is majority-owned by the state, primarily via the Uzbekistan Fund for reconstruction and Development and the Ministry of Finance.  


EBRD Finance Summary

USD 25,000,000.00

Total Project Cost

USD 25,000,000.00


Additionality will be achieved through a combination of: (i) much-needed medium-term financing; (ii) innovative green finance instrument; and (iii) standard-setting.

Environmental and Social Summary

Categorised FI (ESP, 2019). UzPSB Bank is an existing client.  UzPSB will be required to continue to comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9 and further with the EBRD's Environmental and Social Risk Management Procedures for Corporate, SME and Micro Loans and continue to submit Annual Environmental and Social Reports to the Bank.  The finance is anticipated to be used for energy efficiency projects within SMEs, for which the overall environmental and social risk exposure is generally considered medium. UzPSB's Environmental and Social Management System is adequate for this type of investments.

Technical Cooperation and Grant Financing

UzPSB will benefit from a comprehensive TC package of up to € 3.5m dedicated to support the implementation of the GEFF Uzbekistan. There is no specific TC allocation for each participating bank.

Company Contact Information

Afzal Musakhanov
+99897 745 7383
3, Shakhrisabz street, Tashkent city, 100000, Uzbekistan

PSD last updated

31 Mar 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

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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