FIF - Ipak Yuli - Syndicated MSME Loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

05 Sep 2018



PSD disclosed:

12 Jun 2018

Published version of this PSD: Uzbek

Project Description

A syndicated loan of up to USD 20 million to Joint Stock Commercial Innovative Bank "Ipak Yuli" comprising an A Loan of up to USD 10 million to be provided by the EBRD and a B Loan for up to USD 10 million to be attracted on a "best effort basis". If successful, this will be the first syndicated loan arranged by the Bank in Uzbekistan in the Financial Institutions sector. The loan will be accompanied by Technical Cooperation ("TC") funds.

Project Objectives

The syndicated loan will allow Ipak Yuli Bank to diversify its funding base and expand lending to support private micro, small and medium-sized enterprises ("MSMEs") in Uzbekistan.

Transition Impact

This project will continue the EBRD's re-engagement path in the country building new relationships with the financially sound banks servicing MSMEs. The syndicate loan will support Ipak Yuli Bank's competitiveness by increasing availability of medium-term financing for on-lending to private MSMEs.

Providing an option for the local currency funding as well as requirements to comply with financial covenants will contribute to resilience of the institution.

Client Information


Ipak Yuli Bank, founded in April 1990 in Uzbekistan, is a universal commercial bank with primary focus on SME clients. It is the 12th largest bank in the country with a 2% share of sector assets as of end 2017. The distribution network comprises 14 branches and 65 mini-banks providing good client outreach in the country.

EBRD Finance Summary

USD 10,000,000.00

Total Project Cost

USD 20,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). Ipak Yuli Bank will be required to comply with the EBRD's Performance Requirements (PR) 2 (Labour and Working conditions) and 4 (Occupational Health and Safety). Ipak Yuli Bank will also be required to comply with PR 9 which includes implementing the EBRD's Environmental and Social Procedures for SME and Micro loans, adherence to the EBRD's Environmental and Social Exclusion list which includes prohibiting the financing of activities connected to both the cotton sector and the textile industry. Ipak Yuli Bank staff dealing with the EBRD's funds will be required to undertake the EBRD's E&S E-learning for FIs on-line training. All MSME loans in relation to the EBRD funds will be in compliance with national environment, social, health and safety and labour laws and regulations. Ipak Yuli Bank will be required to submit Annual E&S Reports to the EBRD via the Sustainability Index.

Technical Cooperation

EBRD funding will be supported by TC funds under the "Uzbekistan: Financial Intermediaries Capacity Building TC Programme." The Company will also benefit from TC measures under the "Regional Small Business Programme for Central Asia - TC Programme".

Company Contact Information

General Enquiries
+99871 140 69 00
2A Kodiriy Street, Tashkent, Uzbekistan, 100017

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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