A senior secured loan of up to USD 3.0 million ("Loan") to Sayohon LLC ("Company"), a private ride-hailing company incorporated in the city of Dushanbe ("City"), Tajikistan.
Proceeds of the Loan and the shareholder's contribution will be used to finance the acquisition of up to 100 electric vehicles ("EV"s) and 30 EV charging infrastructure at the Company's depot as well as at selected locations across the City (the "Project").
The Company will be further supported by an incentive grant of up to USD 0.5 million financed by the Global Environment Facility ("GEF") under the Finance and Technology Transfer Centre for Climate Change ("FINTECC"). The grant is payable after the purchase, installation, and commissioning of the eligible technology, including EVs and charging infrastructure.
The Project is considered to be at the forefront of the City's transition towards electric mobility and is aimed to have a wider impact on EV ecosystem through the rollout of EV taxis and charging stations across selected locations in the City.
The Project is part of the Bank's engagement with the City under the EBRD Green Cities programme. As such, it is considered as a follow-on investment under Green Cities Framework 2 Window II ("GrCF2 W2") from Dushanbe's Green City Action Plan ("Dushanbe GCAP").
ETI score: 70
- Green (primary): the Project will improve urban transport services and support Dushanbe GCAP objectives, resulting in a considerable reduction of greenhouse gas emissions and air pollutants.
- Inclusive (secondary): the Project will generate new demand for skills and job opportunities for EV drivers, as well as the development of labour market for EVs operation and maintenance.
Sayohon LLC provides ride-hailing services in Dushanbe and across Tajikistan's major cities offering access to a variety of mobility options through a mobile-based application. The Company is one of the largest privately owned ride-hailing operators, managing a fleet of more than 3,000 cars, employing around 200 full-time equivalent personnel, serving around 19 million rides annually and operating under Rakhsh Taxi brand name.
EBRD Finance Summary
A senior secured loan of up to USD 3.0 million. The Loan will consist of a committed tranche of up to USD 2.0 million ("Tranche I") and an uncommitted tranche of up to USD 1.0 million ("Tranche II"). The commitment of Tranche II will remain at the Bank's sole discretion.
Total Project Cost
The Loan will be co-financed with the Company's shareholders loan of up to USD 1.0 million.
The Bank's additionally includes the following components:
- Financing Structure;
- Risk mitigation;
- Policy, sector, institutional, or regulatory change;
- Standard-setting helping projects and clients achieve higher standards;
- Knowledge, innovation and capacity building.
Environmental and Social Summary
Categorised B under the Environmental and Social Policy ("ESP") 2019. The purchase of 100 EVs that will operate in the City will have environmental and social benefits. This will result in improved air quality as well as overall safety and efficiency of urban transportation. Any potential adverse environmental and social impacts will be site-specific and manageable through the implementation of the targeted mitigation measures. The Environmental and Social Due Diligence ("ESDD") has been undertaken in-house by the Bank. This comprised the completion of environmental and social questionnaires, and remote meetings with the Company's management and environmental and social staff. It also reviewed the Company's policies, procedures, and practices related to environmental and social matters as well as an assessment of the Company's capacity to manage key risks associated with the project in accordance with ESP 2019. Key risks identified by the ESDD relate to road and traffic safety, electric safety, fleet management, and management of COVID-19 related risks. It confirmed that the Company is generally compliant with the local regulations and has the capacity to implement the Project in line with the Bank's performance requirements. At the same time, improvements are required in terms of its overall environmental, social, and safety management systems to bring the Project into compliance with the EBRD performance requirements. Given that the road safety has been identified a serious concern during ESDD, the Bank will provide TC support to the Company to develop and implement a traffic and road safety management system that will align with good international practice and ISO 39001.
The targeted mitigation measures that were developed and agreed with the Company include commitments aimed at improving traffic safety practices, fleet management procedures, COVID-19 related risk management, a code of conduct for the drivers and GBVH procedures, a stakeholder engagement plan, labour management system, and a grievance review system.
The Bank will monitor the Company's activities through annual environmental and social monitoring reports.
Technical Cooperation and Grant Financing
- TC 1: Technical due diligence: EUR 75,000 was financed by GEF under FINTECC facility.
- TC 2: Financial due diligence: EUR 24,851 was financed by the Women Entrepreneurs Finance Initiative on a cost-sharing basis with the Company.
- TC 3: Legal due diligence: EUR 32,000 was financed by the EBRD's Shareholders Special Fund ("SSF") on a cost-sharing basis with the Company.
- TC 4: ESAP implementation support (including introduction of ISO 39001: Road Traffic Safety Management System): EUR 50,000; to be financed by SSF.
Company Contact Information
Mr. Murod Nazarov, General Director of Sayohon LLC
+992 70 000 3333
5 Abdulahad Kakharov Street 21, Dushanbe, Tajikistan
PSD last updated
28 Feb 2023
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Independent Project Accountability Mechanism (IPAM)
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