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FIF - Humo MSME Loan III & Skills



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

11 Jul 2023



PSD disclosed:

28 Jul 2023

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Provision of a senior unsecured loan under the Financial Intermediaries Framework (FIF) in the total amount of up to USD 2m equivalent. The loan will be structured as a synthetic Tajik Somoni loan.

As part of the transaction, Humo will introduce a new training focused on providing technical digital skills for young people in collaboration with an existing education provider. The training will be nationally accredited and certified and improve the employability of 200 young people. 

Project Objectives

The proceeds of the loan will be on-lent to local private MSMEs in accordance with the requirements of the FIF Policy Statement. 

Transition Impact

ETI score: 63

Competitive: The Client will expand its MSME portfolio, with a focus on reaching regional clients and attracting new clients. In line with the FIF requirements for large gap countries, the Client will: (i) increase its overall MSME loan portfolio by at least 1.2 times the amount of EBRD's loan; ii) maintain the current share of regional SME loans by volume iii) at least 30% of EBRD's sub-loans to be on-lent to new Humo clients. The Client will also maintain the share of NPLs below 5%.

Inclusive: Tajikistan's idle rate (NEET) among youth is 40% and employment growth is 2.3 lower than the growth of new labour market entrants. At the same time, companies face difficulties in finding skilled regional human capital and especially, companies seeking IT skills: the projected number of graduates in the field is falling short of meeting the economic needs .  The country scores disproportionately low in terms of access to IT infrastructure and accordingly, the digital literacy rate. Humo has thus committed to developing an IT skills training programme for young people in Dushanbe and North Khujand, provided through a collaboration with a nationally accredited, existing education provider. The training will serve to not only enhance the country's broader digital/IT skill availability, providing recognised certificates to young people and thereby increase their employability, but further offers Humo a platform to recruit graduates and thereby support young people's school-to-work transition as well as their own digitalisation strategy.


Client Information


CJSC Microcredit Deposit Organisation "HUMO" (Humo) provides a full range of banking services- deposits, lending, payments, and money transfers, serving the lower segment of the MSME clients with a focus on retail and agri lending. As of end-March 2023, Humo was the 2nd largest MFI in Tajikistan by assets (USD 108m) and by loan portfolio (USD 92m).

EBRD Finance Summary

USD 2,000,000.00

Total Project Cost

USD 2,000,000.00


Digital Approach: Under the MSME Loan III & Skills, the Project will feature an IT skills training for youth. The project aligns with the Fund's scope of work as outlined in the EBRD's Approach to Accelerating Digital Transition 2021-2025; the digital components of the project are expected to be in support of the Inclusive Transition Quality.

Environmental and Social Summary

Category FI (2019 ESP). Humo is an existing client of the Bank and its environmental and social (E&S) performance has been satisfactory to date as evidenced by annual reporting on environmental and social matters. In the context of this new transaction, Humo will be required to continue to comply with Performance Requirements 2, 4 and 9, and to apply EBRD's E&S Risk Management Procedures for Micro, SME and Corporate loans. Humo will continue to provide annual E&S reporting to the Bank on compliance with the applicable PRs and any other material E&S matters arising during the year.

Technical Cooperation and Grant Financing

TC: The project will be supported by a TC assignment to assist Humo in identifying and establishing a collaboration with a suitable education partner that will be equipped to complement Humo's existing training offer through a youth-focused digital skills offer. HUMO's existing training is not certified and the TC will ensure that young people gain access to market-relevant, accredited training, supporting their school-to-work transition. Humo will share 10% of the TC amount. Source: EBRD Shareholder Special Fund.

Non-TC: Potentially at Portfolio-level 12.5% first loss risk cover for EBRD exposure under the SME LCY Programme. Source: SME LCY Special Fund.

Company Contact Information

Azamzhon Abbasov
+992 (44) 640-55-44
148/1 N. Qaraboev Str., 734061, Dushanbe, Republic of Tajikistan

PSD last updated

28 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

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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