RF - Ipak Yuli Bank



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

02 Jun 2020



PSD disclosed:

15 Oct 2020

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 US$ 15 million (€ 12.7 million) senior loan under the Resilience Framework to Ipak Yuli Bank, one of the largest private banks in Uzbekistan and an active EBRD partner in financing private sector businesses via MSME and GEFF loan facilities, TFP and RSF.

This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

Project Objectives

Support from the EBRD through additional funding under the Resilience Framework will facilitate the partner to continue lending, maintain the existing loan portfolio and support the clients with new financing in this difficult environment. The new funding from the EBRD in the current circumstances should also provide additonal comfort to other lenders willing to support the bank.

Transition Impact

ETI score: 80

The proposed project under Resilience Framework will contribute to Resilient and Competitive transition qualities by providing long-term financing to the existing partner bank to ensure it continues uninterrupted lending to the MSME segment that faces challenges in access to finance especially in such an unprecedented situation.

Client Information


Ipak Yuli Bank is a universal commercial bank, the second largest private bank in Uzbekistan and 12th largest by assets among 31 local banks with a market share of 2 per cent by assets and loans. IYB is an active EBRD partner bank in the area of on-lending to private sector businesses via MSME and GEFF loan facilities, TFP and RSF.

The bank is majority-owned by Uzbek private sector shareholders. Three IFIs jointly hold 29 per cent and the Government of Uzbekistan (through two state-owned enterprises) owns 16 per cent of Ipak Yuli's equity.

EBRD Finance Summary

USD 15,000,000.00

Senior debt of US$ 15 million available in three tranches. The maturity of the loan will not exceed 3 years from the initial signing. No mobilised financing.

Total Project Cost

USD 15,000,000.00


Additionality sources: COVID-19 crisis response: the EBRD financing effectively bridges a liquidity gap due to adverse market conditions, e.g. the COVID-19 crisis. Additionality Description: Access to funding from IFIs, the only source of wholesale term funding available for Uzbek private banks, has diminished against the backdrop of global COVID-19 pandemic, while the domestic capital market for term funding is at early stage of development. The loan will allow the bank to continue lending to vulnerable SMEs, and meet their financing needs.

Environmental and Social Summary

Categorised FI (ESP 2019). The EBRD Performance requirements have been considered and an ESMS implementation roadmap has been developed. The existing ESMP has been updated for this transaction and aligned with the roadmap. Implementation of the ESMP will ensure that the bank will comply with PR2, 4 and 9 and the EBRD's Environmental and Social Risk Management Procedures for Corporate, SME and Micro Loans.

Technical Cooperation and Grant Financing


Company Contact Information

Mr. Dilaziz Sultanov
Tel.: (+998-71) 140-6943

PSD last updated

15 Oct 2020

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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