GEFF Uzbekistan – Uzbek Leasing

Challenge Description

The availability of a senior secured mortgage of as much as US$ 3.0 million (€ 2.7 million) to Uzbek Leasing Worldwide A.O. (the “Firm” or “UL”), an Uzbek joint inventory firm. The second tranche of US$ 1 million shall be uncommitted. The mortgage shall be offered in UZS or USD below GEFF Uzbekistan.

Challenge Aims

The GEFF Mortgage is predicted to contribute to the creation of a demand-driven, self-sustaining marketplace for investments in excessive efficiency applied sciences and providers supporting Uzbekistan’s inexperienced economic system transition. UL focuses on SME leasing and has a superb nation-wide presence. The EBRD’s in depth expertise in implementing power and useful resource effectivity finance services throughout the area mixed with UL’s place within the Uzbek market with a specific give attention to SMEs in addition to the corporate’s dedication to help the revolutionary merchandise create important components for an efficient implementation of this challenge.

Transition Influence

ETI rating: 70

60 (FW)

The challenge contributes to the Inexperienced TI high quality consistent with the GET TI ranking methodology, with 100 per cent of using proceeds allotted to GET actions. The Mortgage will contribute in direction of constructing a inexperienced economic system in Uzbekistan by facilitating the enlargement of power effectivity investments and offering constructive demonstration results of such tasks, via on-lending to non-public sector Sub-borrowers (e.g. companies, suppliers and distributors of excessive performing inexperienced applied sciences and repair suppliers).

Shopper Data

UZBEK LEASING INTERNATIONAL AO

Uzbek Leasing (“UL”) was based in 1996 as the primary specialised leasing firm in Uzbekistan. With its headquarters in Tashkent and consultant places of work in 10 areas, UL specialises in offering a large spectrum of leasing providers (lease of kit and autos) to native SMEs together with women-led companies. 

EBRD Finance Abstract

USD 3,000,000.00

Whole Challenge Value

USD 3,000,000.00

Additionality

Financing Construction: the EBRD affords financing that isn’t accessible out there from business sources on cheap phrases and situations, e.g. a grace interval, attainable financing within the native foreign money. Such financing is important to construction the challenge.

Revolutionary financing constructions and/or devices: The phrases and situations of the GEFF Mortgage go considerably past these required by the suppliers of economic sources of funding inter alia by providing a complete TC package deal. They’re designed to advertise GET compliant investments and sustainable lending practices. Sub-lessees shall be engaged in power and local weather audits, minimal efficiency requirements of applied sciences, climate-related methods and insurance policies, monitoring, reporting and verification (MRV) methods and many others.

Commonplace-setting: UL will make use of the EBRD experience over power and useful resource effectivity and local weather resilience financing through provision of power and local weather audits, minimal efficiency requirements of applied sciences, climateirelated methods and insurance policies, monitoring, reporting and verification (MRV) methods and many others. By way of the TC EBRD will present experience, innovation, information and/or capabilities which are materials to the well timed realisation of the challenge’s targets, together with help to strengthen the capability of the consumer. 

Environmental and Social Abstract

Categorised FI (2019 ESP). Uzbek Leasing (UL) is an current consumer of the Financial institution and environmental and social due diligence included a evaluate of the annual environmental and social (E&S) report and of the Borrower’s present Environmental and Social Administration System (ESMS). The E&S efficiency of UL has been passable up to now as evidenced by annual reporting on E&S issues. The 2021 E&S report reveals that the Shopper has a Code of Ethics, HR and gender insurance policies in place. The consumer has up to date the ESMS consistent with the EBRD’s ESP 2019 together with the EBRD’s E&S Exclusion Record. Within the context of the WIB Programme and GEFF Mortgage, Uzbek Leasing shall be required to proceed to adjust to Efficiency Necessities 2, 4 and 9, and to use the EBRD’s E&S Threat Administration Procedures. UL will even be required to implement the E&S Eligibility Standards for Renewable Power Initiatives as a part of the GEFF Mortgage, as relevant for every sub-project. Uzbek Leasing will proceed to supply annual E&S reporting to the Financial institution on compliance with the relevant PRs and another E&S issues arising through the 12 months. 

Technical Cooperation and Grant Financing

A. TC: UL will profit from a complete TC package deal of as much as EUR 3.5 million devoted to help the implementation of the GEFF Uzbekistan. There isn’t a particular TC allocation for every collaborating monetary establishment. TC help for UL and Sub-lessees is in line with the Preparations for Value Sharing between Donors and Shoppers i related coverage BDS14-024/F. UL is predicted to supply each parallel and in-kind consumer contributions on pro-rata foundation:

1)      Parallel contribution of as much as € 1,750 (equal of as much as 20 per cent of the TC assets linked to advertising and coaching which straight profit the PFI).

2)      In-kind contribution offered by dedicating inner assets equivalent to workplace house and human assets to help implementation and disbursement of the Facility.

B. Co-investment grants / Concessional Finance (Non-TC)

The Facility shall be supported with non-refundable co-investment grants (incentives) of as much as US$ 330,000 paid as funding incentives to Sub-borrowers consistent with the degrees and eligibility standards set forth within the GEFF Coverage Assertion.

Firm Contact Data

Mr. Zafar Mustafaev
information@uzbekleasing.uz
(+998 78) 120-02-02
(+998 71) 140-37-74
www.uzbekleasing.uz
Amir Temur Avenue 88-A,
Tashkent, 100084, Republic of Uzbekistan

Implementation abstract

PSD final up to date

29 Apr 2022

Understanding Transition

Additional data concerning the EBRD’s strategy to measuring transition affect is on the market right here.

Enterprise alternatives

For enterprise alternatives or procurement, contact the consumer firm.

For enterprise alternatives with EBRD (not associated to procurement) contact:

Tel: +44 20 7338 7168

Electronic mail: projectenquiries@ebrd.com

For state-sector tasks, go to EBRD Procurement:

Tel: +44 20 7338 6794

Electronic mail: procurement@ebrd.com

Normal enquiries

Particular enquiries may be made utilizing the EBRD Enquiries type.

Environmental and Social Coverage (ESP)

The ESP and the related Efficiency Necessities (PRs) set out the methods by which the EBRD implements its dedication to selling “environmentally sound and sustainable growth”.  The ESP and the PRs embrace particular provisions for shoppers to adjust to the relevant necessities of nationwide legal guidelines on public data and session in addition to to ascertain a grievance mechanism to obtain and facilitate decision of stakeholders’ issues and grievances, particularly, about environmental and social efficiency of the consumer and the challenge. Proportionate to the character and scale of a challenge’s environmental and social dangers and impacts, the EBRD moreover requires its shoppers to reveal data, as acceptable, concerning the dangers and impacts arising from tasks or to undertake significant session with stakeholders and contemplate and reply to their suggestions.

Extra data on the EBRD’s practices on this regard is about out within the ESP.

Integrity and Compliance

The EBRD’s Workplace of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the best requirements of integrity are utilized to all actions of the Financial institution in accordance with worldwide greatest follow. Integrity due diligence is performed on all Financial institution shoppers to make sure that tasks don’t current unacceptable integrity or reputational dangers to the Financial institution. The Financial institution believes that figuring out and resolving points on the challenge evaluation approval phases is the best technique of making certain the integrity of Financial institution transactions. OCCO performs a key function in these protecting efforts, and likewise helps to observe integrity dangers in tasks post-investment.

OCCO can be chargeable for investigating allegations of fraud, corruption and misconduct in EBRD-financed tasks. Anybody, each inside or exterior the Financial institution, who suspects fraud or corruption ought to submit a written report back to the Chief Compliance Officer by e-mail to compliance@ebrd.com. All issues reported shall be dealt with by OCCO for follow-up. All experiences, together with nameless ones, shall be reviewed. Stories may be made in any language of the Financial institution or of the Financial institution’s international locations of operation. The knowledge offered have to be made in good religion.

Entry to Data Coverage (AIP)

The AIP units out how the EBRD discloses data and consults with its stakeholders in order to advertise higher consciousness and understanding of its methods, insurance policies and operations following its entry into drive on 1 January 2020. Please go to the Entry to Data Coverage web page to seek out out what data is on the market from the EBRD web site.

Particular requests for data may be made utilizing the EBRD Enquiries type.

Impartial Challenge Accountability Mechanism (IPAM)

If efforts to handle environmental, social or public disclosure issues with the Shopper or the Financial institution are unsuccessful (e.g. via the Shopper’s Challenge-level grievance mechanism or via direct engagement with Financial institution administration), people and organisations might search to handle their issues via the EBRD’s Impartial Challenge Accountability Mechanism (IPAM).

IPAM independently opinions Challenge points which are believed to have induced (or to be more likely to trigger) hurt. The aim of the Mechanism is: to help dialogue between Challenge stakeholders to resolve environmental, social and public disclosure points; to find out whether or not the Financial institution has complied with its Environmental and Social Coverage or Challenge-specific provisions of its Entry to Data Coverage; and the place relevant, to handle any current non-compliance with these insurance policies, whereas stopping future non-compliance by the Financial institution.

Please go to the Impartial Challenge Accountability Mechanism webpage to seek out out extra about IPAM and its mandate; easy methods to submit a Request for evaluate; or contact IPAM  through e-mail ipam@ebrd.com to get steering and extra data on IPAM and easy methods to submit a request.