A three-year senior unsecured loan of up to US$ 10 million equivalent to Joint Stock Commercial Bank with Foreign Capital Hamkorbank (Hamkorbank). The loan will be available in a single tranche in the local currency. The loan will be provided under the Green Economy Financing Facility Uzbekistan (GEFF 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; Sub-borrowers will be entitled for Investment incentives according to the eligibility criteria.
The project will enable Hamkorbank 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.
ETI score: 70
The project will contribute to the Green Transition Impact quality. It facilitates 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).
Hamkorbank is the largest private bank in Uzbekistan with strong expertise in MSME lending, it is ranked eighth by assets (3 per cent market share). The bank is majority-owned by Mr. Ikram Ibragimov, a local businessman. FMO, IFC and responsAbility are among shareholders.
EBRD Finance Summary
€8.2 million equivalent.
Total Project Cost
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). Hamkorbank is an existing Client of the Bank. The ESMS is considered generally aligned with performance requirement (PR) 9 and will reach full compliance with updates to refer to the ESP 2019 including the updated exclusion list and referral list. The finance is anticipated to be used for energy efficiency investments, for which the overall environmental and social risk exposure is generally considered low to medium and for which the ESMS is considered adequate. Hamkorbank will need to continue to comply with PR2 and 4, 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. HamkorBank will also be required to implement the E&S Eligibility Criteria for Renewable Energy Projects, as applicable for each sub-project.
Technical Cooperation and Grant Financing
Hamkorbank will benefit from a comprehensive Technical Cooperation (TC) dedicated to support the implementation of the GEFF Uzbekistan. The total TC package under the GEFF Uzbekistan available for participating banks is up to €3.5 million. TC support is provided by the EBRD Special Shareholder Fund (SSF), TaiwanBusiness-EBRD Technical Cooperation Fund (TWTC) and Austrian Regional Early Transition Countries (ETC) Energy Efficiency Programme Fund.
The loan is supplemented by co-investment grants of up to US$ 1.1m paid as investment incentives to Sub-borrowers in line with the levels and eligibility criteria set forth in the Policy Statement. Co-investment grants are provided by the SSF.
Company Contact Information
85 Bobur Avenue Andijan region 170119 Republic of Uzbekistan
PSD last updated
15 Jun 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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