Project Description
Green Economy Financing Facility ("GEFF") II Uzbekistan is a Framework of up to USD 100 million of the EBRD financing inclusive of up to USD 10 million concessional co-financing from the International Cooperation and Development Fund (TaiwanICDF) to qualifying Participating Financial Institutions ("PFIs") for on-lending to business and residential sectors investing in climate mitigation and adaptation measures in compliance with the EBRD's Green Economy Transition (GET) Approach. The Framework builds on the results and experience from the previous GEFF Uzbekistan Facility of up to USD 60 million. GEFF II Uzbekistan Framework will scale up and diversify the range of GET eligible investments, deliver a wider sectoral reach, adopt a gender-mainstreaming approach for the first time and enhance the climate risk management focus.
Project Objectives
The Framework will promote the transition to environmentally sustainable, low-carbon and climate resilient economies in Uzbekistan, by targeting commercial, industrial and residential sectors and climate mitigation and adaptation investments, preventing the economy from being locked into carbon-intensive, climate-vulnerable and/or environmentally damaging polluting pathways. This will be performed by providing funding and know-how to financial intermediaries to finance high performing 'green' technologies as well as raising awareness of the various stakeholders such as population, vendors, manufacturers and installers of technologies, SME and Corporate businesses. The EBRD's investment will be used to finance activities that qualify 100% as "green."
Transition Impact
ETI score: 75
The Facility supports the Green TI quality by contributing towards building a green economy and facilitating the direction of funding towards green technologies and services to support commercial, industrial and retail sectors. The Facility will include a complementary green policy dialogue linked to greening of the financial systems, under the Green TI quality.
Client Information
Up to nine qualifying partner financial institutions.
EBRD Finance Summary
USD 90,000,000.00
Total Project Cost
USD 90,000,000.00
Additionality
EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions. An innovative green finance instrument offered by the Facility integrates climate and environmental, social and governance (ESG) standards and/or climate and ESG risk considerations into the financing structure. The PFIs will receive an assistance to mitigate carbon transition risks and take climate action, such as to move along a low carbon transition pathway and to improve the internal corporate governance for managing climate risks.
Environmental and Social Summary
Categorised: FI (ESP 2019). It is anticipated that the PFIs under this Framework which are existing clients of the Bank will already be familiar with EBRD's ESP 2019 and E&S requirements applicable to FIs. Any new PFIs that might participate under this Framework will have to complete the E&S Due Diligence questionnaire to be returned to ESD for review. Beneficiaries financed under this facility will be required to comply with national requirements for environment, health and safety and labour standards and the E&S eligibility criteria for Renewable Energy projects, where applicable, as well as other GET eligibility criteria as per the GET Policy Statement. This will be confirmed to PFIs by a Facility Consultant engaged by the EBRD. All PFIs under the Framework will be required to comply with EBRD's Performance Requirements 2, 4 and 9, adopt and implement the EBRD's E&S Risk Management Procedures for Corporate Loans, SME and Micro Loans and submit Annual Environmental and Social Reports to the Bank, including reporting on sub-projects and their GET benefits. The Project's use of proceeds may include solar sub-projects under this Framework. Such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach.
Technical Cooperation and Grant Financing
Up to EUR 3.355m Technical Cooperation will support the Framework to transfer the strategic know-how to the local market about climate mitigation, adaptation and other environmentally sustainable investments, promote high performance technologies and services and overall support the green economy transition by contributing to the creation of a demand-driven, self-sustainable market for investments in high performance technologies, providing equal access to climate finance in a gender responsive way.
Company Contact Information
Khurshida Uzakova
uzakovak@ebrd.com
+998781404400
www.ebrd.com
Implementation summary
PSD last updated
18 Jul 2023
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.
