Translated version of this PSD: Uzbek
Provision of a senior loan of up to USD 10m in favour of Uzbek Leasing International A.O. (the "Company" or "UL"), an Uzbek joint stock company. The loan will consist of two tranches of USD 3m each, and a third tranche of USD 4m. The 2nd and the 3rd tranches will be uncommitted.
The loan will be used by UL to grant finance leases for commercial vehicles, trucks and trailers and equipment to small and medium-sized enterprises ("SMEs") in Uzbekistan.
The SME loan will enable UL to increase the availability of medium-term funding for small and medium sized enterprises in Uzbekistan which remain underserved. The Project will also be contributing to furthering competition in the real economy by increasing availability of financing to Uzbek SMEs.
The project contributes to the objectives of the Financial Intermediary Framework and seeks to foster competitiveness by increasing the availability of financing to private SMEs. The project also aims to strengthen UL's internal capacity to service the SME segment through tailored TC that will focus on strengthening UL's risk management function, through set-up of a risk management department and training of its staff, training of underwriting and credit staff, and development of marketing strategy following the FX unification. This will encourage sustainable lending practises, supporting the resilience of the financial system.
UZBEK LEASING INTERNATIONAL AO
UL was founded in 1996. The Company's shareholders are the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)- 41.6%, Uzbek-Oman Investment Company ("UzOman"), a joint venture between the sovereign wealth funds of Uzbekistan and Oman created to facilitate Omani investments in Uzbekistan - 38.7%, and Malayan Banking Berhad (Maybank) - 19.7%.
With its headquarters in Tashkent and representative offices in 7 regions, UL specialises in providing a wide spectrum of leasing services (equipment and vehicles) to local SMEs. Total assets comprised USD 45.2m, net profit - USD 7.4m at YE 2016.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised FI (ESP 2014). UL will be required to comply with the EBRD's Performance Requirements (PR) 2 (Labour and Working Conditions) PR4 (Occupational Health and Safety) and PR 9 (Financial Intermediaries) which includes implementing the EBRD's Environmental and Social Procedures for Leasing Activities, adherence to the EBRD's Environmental and Social Exclusion list and submission of Annual Environmental and Social Reports to the Bank on its compliance with the E&S Procedures and the PRs.
UL will benefit from the Technical Cooperation ("TC") under the "Uzbekistan: Financial Intermediaries Capacity Building TC Programme." UL will also benefit from TC measures under the "Regional Small Business Programme for Central Asia."
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