Confirm cookie choices
Cookies are pieces of code used to track website usage and give audiences the best possible experience.
Use the buttons to confirm whether you agree with default cookie settings when using

GCF-GEFF Regional - Tajikistan - Imon loan III



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

08 Aug 2023



PSD disclosed:

22 Aug 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

Senior loan of up to USD 4.0 million to IMON, of which up to USD 3 million to be provided by the EBRD and up to USD 1m by the GCF under the GCF-Green Economy Financing Facility Regional Framework (GCF-GEFF Programme in Tajikistan II).

Project Objectives

The proposed operation complies with the GCF GEFF Regional Framework criteria. This is the third loan under the Framework to IMON which follows the successful utilisation of the first loan signed in 2021 and the second one signed in 2022. Proceeds of the loan will be allocated to climate change mitigation and adaptation technologies. The transaction will support further expansion of IMON's product offerings with green lending products, in a gender responsive way. 

Transition Impact

ETI score: 80

The project contributes to the objectives of the GCF - Green Economy Financing Facilities Framework (GCF-GEFF Regional Framework), supporting the Green TI quality, with 100% of the use of proceeds allocated to GET activities. The GEFF loan to IMON will be the third transaction (following OPID 53005 and OPID 53455 under GCF GEFF Tajikistan I) in Tajikistan under the GCF-GEFF Regional FW, and will contribute effectively to the overall transition objectives of the GCF-GEFF Regional Framework.

At the GEFF Tajikistan II Programme level, a green policy engagement component is included. The key activities and deliverables of the policy dialogue is institutional reform in the financial sector in Tajikistan, to be achieved by supporting the National Bank of Tajikistan in adoption of a regulation aimed at addressing climate risk, primarily through voluntary disclosures.

Client Information


CJSC Microcredit Deposit-taking Organisation "IMON International" ("IMON") is the largest MFI and 4th largest financial institution in Tajikistan, responsible for around 9% of total lending in the country as of end-March 2023.

The company serves over 130,000 customers via a network of 27 branches and 100 outlets located across 3 (out of 4) regions with a net loan portfolio exceeding USD 119m. 

EBRD Finance Summary

USD 3,000,000.00

Total Project Cost

USD 4,000,000.00

A senior loan of up to USD 4 million in two tranches of USD 2 million each. 75 per cent of each tranche will be financed from the EBRD sources in the synthetic local currency; the remaining 25 per cent of each tranche will be financed by Green Climate Fund (GCF) in US dollars. 


Financing structure: EBRD offers a tenor, which is above the market average and is necessary to structure the project. EBRD offers local currency financing on terms not readily available in the market.

Innovative financing structures and/or instruments: EBRD offers an innovative green finance instrument that integrates aspects such as climate and environmental, social and governance (ESG) standards and/or climate and ESG risk considerations into the financing structure.

Standard-setting: Client seeks EBRD expertise on higher inclusion and gender standards and/or equal opportunities action plans.

Environmental and Social Summary

Categorised FI (2019 ESP). IMON is an existing client of the Bank and their annual environmental and social (E&S) report of 2022 demonstrated improvement of their environment and social performance thus complying with the Bank's relevant performance requirements. IMON will be required to continue implementing the EBRD's E&S Risk Management Procedures for Corporate Loans, SME and Micro Loans and comply with Performance Requirements 2, 4 and 9, including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019, and submit annual E&S reports to EBRD. The Project's use of proceeds may include solar sub-projects. 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.

All projects under the Green Economy Financing Facility (GEFF) will be required to comply with the national environment, health and safety and labour regulations and standards as well as the Environmental and Social eligibility criteria for Renewable Energy sub-projects, as applicable. The GEFF Loan is consistent with the GET approach, and the GET share is 100%.

Technical Cooperation and Grant Financing

Technical Cooperation (TC): IMON will continue to benefit from a programme-level TC package funded by the Green Climate Fund (GCF), Republic of Korea and Republic of Austria. The objective of the TC is to assist PFI with capacity building, implementation and monitoring of the programme, including in regards to gender additionality. Funding source: GCF, Republic of Austria and Republic of Korea.

Blended Concessional Finance:

I. Grant equivalent of concessional funding in the amount of up to USD 0.08m will be utilised to increase the appetite of PFIs to participate in the Programme and direct their resources for developing this product to address the underserved market segment. The GCF's margin and front-end-fee will be discounted at 80 per cent of the EBRD's in order to support the GEFF's overall pricing. Source: GCF

II. Investment incentives will be provided to help stimulate the demand for incipient or high performing technologies in the context of Tajikistan. Amount: up to USD 0.44m. Source: EBRD Shareholder Special Fund (SSF)

Company Contact Information

Iso Abdusamiev
+992 3422 42353
17th Microdistrict, Building#2 Khudjand 735700 Republic of Tajikistan

PSD last updated

22 Aug 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.


GDPR Cookie Status