GEFF - Uzbekistan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

12 Dec 2018



PSD disclosed:

06 Nov 2018

Sub-projects signed under this framework

Translated version of this PSD: Uzbek

Project Description

The establishment of a Green Economy Financing Facility ("GEFF Uzbekistan", "Facility") in Uzbekistan, the first intermediated EBRD GEFF in the country. The Facility for a total amount of US $ 60 million or equivalent in UZS will be provided to the local Partner Financial Institutions ("PFIs").

GEFF Uzbekistan will be available to PFIs, which will on-lend funds for eligible green economy investments implemented by qualifying private sector sub-borrowers.

The Facility is expected to be supported by grant funds from the European Union ("EU"), the EBRD Shareholder Special Fund (SSF) and potentially other donors.

Project Objectives

The Facility will aim to address high levels of energy and carbon intensity in Uzbekistan that hinders sustainable economic development and competitiveness of businesses in the country. At the same time low cost of energy hampers the introduction of green technologies and practices in the local market. Therefore, main objectives of the Facility will be to (i) scale up investments in green technologies, (ii) demonstrate commercial viability of energy efficiency investments and (iii) encourage Uzbekistan's transition to a green economy.

Transition Impact

The Facility will contribute towards building a green economy by facilitating commercial energy efficiency lending in Uzbekistan through (i) stimulating the demand for advanced green technologies and products, (ii) increasing awareness among stakeholders and banks on the potential of advanced green solutions, and (iii) transferring skills to PFIs, sub-borrowers and intermediaries on the development and financing of green economy projects.

Client Information

PFIs may be local state-owned and private banks and non-bank financial institutions established and operating in Uzbekistan.

EBRD Finance Summary

USD 60,000,000.00

Total Project Cost

USD 60,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). All PFIs will be required to comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9 as well as submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

GEFF Uzbekistan will be supported by a comprehensive Technical Cooperation ("TC") package aiming to support the (i) implementation of the Facility, (ii) improvement in overall awareness of green investment and (iii) capacity building for all stakeholders. The TC will be provided to both PFIs and sub-borrowers. Activities that will be undertaken by a Project Consultant include: i) Facility set-up and administration, ii) general market awareness, iii) capacity building and toolkit development, iv) capacity building for sub-borrowers, and v) verification of sub-projects as well as monitoring and reporting to the EBRD.


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