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FIF - Ipoteka Bank SME Senior Loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

29 Nov 2017



PSD disclosed:

12 Oct 2017

Translated version of this PSD: Uzbek

Project Description

Provision of up to USD 30 million in favour of JSCMB Ipoteka-bank ("IB") to be split between a senior MSME loan of up to USD 25 million with the proceeds to be on-lent to eligible subborrowers, and TFP limit of up to USD 5 million for trade finance activities.

Project Objectives

The MSME Loan will enable IB to increase availability of medium-term funding for private MSMEs in Uzbekistan, which remain underserved. The Project will contribute to the bank's expansion of its MSME Loan portfolio, including through reaching new clients and regions outside of Tashkent. The Project will also be contributing to furthering competition in the real economy by increasing availability of financing to the Uzbek MSMEs.

The TFP limit will enable the bank to obtain confirmation from their letters of credit and other trade finance instruments by confirming banks at commercial terms. This Project will facilitate cross border trade contributing to fostering regional connectivity and integration.

Transition Impact

The Project seeks to (i) foster MSME competitiveness by increasing availability of financing, and (ii) contribute to strengthening of financial institutions by enabling innovation in strategy, products, processes and marketing related to MSME lending. By ensuring that the bank has adequate underwriting and risk management practices in place, including through tailored technical assistance, the Project also seeks to encourage sustainable lending practices, supporting the resilience of the financial system.

Also, providing the TFP limit the Project seeks to foster further trade integration and resilience for the EBRD's countries of operation through the extension of trade finance guarantees or credit lines to cover political and commercial payment risk in international trade transactions undertaken by partnering financial institutions.

Client Information



Ipoteka Bank is one of the leading financial institutions in Uzbekistan, ranking 4th by total assets and 5th by loan portfolio as of YE2016. The bank provides the whole range of commercial banking services via its wide network of 38 branches and over 700 outlets covering the whole country. IB has multiple shareholder structure with the largest stakes held by state-owned "Uznefteproduct" and Uzbekistan's Ministry of Finance.

EBRD Finance Summary

USD 25,000,000.00

Total Project Cost

USD 25,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). IB has a Human Resources Management Policy and Occupational Health and Safety practices in place all in compliance with Performance Requirements (PRs) 2 & 4. IB has an E&S Policy which includes prohibiting the financing of activities that involves forced or child labour as well as a grievance redress mechanism to handle any concerns about any E&S issues relating to the bank's investments. IB has an E&S Management System (ESMS), which should also be applied to the EBRD funds. IB must also comply with PR 9 which includes adherence to the EBRD's Environmental and Social Exclusion list outlined in the Policy Statement and agreed with IBi and the EBRD as applied to EBRD funds. IB will be required to ensure that the staff dealing with EBRD's funds undertakes the EBRD's E&S E-learning for FIs training. IB will be required to comply with EBRD's PRs 2, 4 and 9 and submit Annual E&S Reports to the Bank via the Sustainability Index.

Technical Cooperation

The bank will benefit from the Technical Cooperation ("TC") under the "Uzbekistan: Financial Intermediaries Capacity Building TC Programme." The bank will also benefit from TC measures under the "Regional Small Business Programme for Central Asia" and the TFP TC framework.

Company Contact Information

General Enquiries
+998 71 150 89 61
+998 71 150 67 97
30, Shakhrisabz street, Tashkent, Uzbekistan, 100000

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

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