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Mission Description
The availability of a senior mortgage as much as US$ 4.0 million to MDO IMON INTERNATIONAL below the GCF GEFF Regional – GEFF Tathejikistan, of which as much as US$ 3.0 million shall be supplied in Tajikistani Somoni out of the EBRD assets and as much as US$ 1.0 million shall be supplied in US {Dollars} by the Inexperienced Local weather Fund (“GCF”).
Mission Aims
The proposed transaction would be the 2nd mortgage to IMON below the GCF GEFF Regional – GEFF Tajikistan (the “Facility”). Proceeds of the mortgage shall be on-lent consistent with the Coverage Assertion for the Facility to personal sector sub-borrowers (people/ SMEs/corporates) for investments in local weather change mitigation and adaptation applied sciences and companies. IMON will profit from Technical Cooperation (“TC”) in type of trainings, capability constructing and assist for venture implementation from the devoted programme consultants.
Transition Influence
ETI rating: 70
The venture helps the Inexperienced TI high quality by the availability of funding and know-how to monetary intermediaries financing non-public sector investments in excessive performing local weather change mitigation and adaptation applied sciences. This may facilitate Tajikistan’s transition to environmentally sustainable, low-carbon and climate-resilient financial system.
Shopper Data
IMON INTERNATIONAL MICROCREDIT DEPOSIT-TAKING ORGANISATION CJSC
IMON is the biggest microfinance establishment within the nation masking round 9 per cent of whole lending market in Tajikistan. The corporate serves over 130,000 prospects through a community of 27 branches and 103 shops positioned throughout 3 (out of 4) areas. IMON affords nearly a full number of standard banking merchandise to MSMEs, sole entrepreneurs and retail shoppers with main concentrate on underserved, economically energetic segments of the Tajik inhabitants.
EBRD Finance Abstract
USD 3,000,000.00
Complete Mission Price
USD 4,000,000.00
Additionality
Progressive financing constructions and/or devices: The EBRD affords an progressive inexperienced finance instrument that integrates facets akin to upfront value and comparatively longer payback interval of inexperienced applied sciences, local weather and environmental, social and governance requirements and/or local weather and ESG dangers issues into the financing construction.
Environmental and Social Abstract
Categorised FI (2019 ESP). IMON is an current shopper of the Financial institution and its environmental and social (E&S) efficiency has been passable up to now as evidenced by annual reporting on E&S issues. The 2021 E&S report exhibits that the Shopper has some E&S and Human Assets insurance policies in place and focuses on micro-finance for particular person and MSE lending (common mortgage dimension round 1,000€). That is thought of as low E&S threat. Within the context of this new transaction, Imon shall be required to adjust to Efficiency Necessities 2, 4 and 9 and the 2019 ESP exclusion checklist, and to use EBRD’s E&S Threat Administration Procedures for Company and SME loans. Imon ought to proceed to offer annual E&S reporting to the Financial institution on compliance with the relevant PRs and every other E&S issues arising through the 12 months.
All initiatives below the Inexperienced Economic system Financing Facility (GEFF) shall be required to adjust to the nationwide setting, well being and security and labour rules and requirements in addition to the Environmental and Social eligibility standards for Renewable Power sub-projects, as relevant. The venture is per the GET strategy, and the GET share is 100%.
The Mission’s use of proceeds might embrace photo voltaic sub-projects. Such sub-projects shall be managed consistent with ‘The Proposed Administration Method for Photo voltaic Provide Chain Threat Administration’ (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent steerage developed below that strategy.
Technical Cooperation and Grant Financing
TC: The venture shall be applied below GCF GEFF Regional – GEFF Tajikistan Facility which is supported by a complete TC bundle of €3.0 million for venture preparation, implementation and verifications, in addition to general monitoring of the Programme and capability constructing for the PFIs. The TC is funded by GCF and Republic of Korea. IMON shall be required to offer parallel contribution of €3,000 in direction of the price of the TC instantly benefiting IMON.
Non-TC: The venture entails two non-TC parts:
1) Grant equal of GCF concessional funding within the quantity of as much as US$ 80,000. The credit score line consists of the EBRD portion (75 per cent) and GCF portion (25 per cent). The GCF’s margin and front-end-fee shall be discounted at 80 per cent of the EBRD’s with a view to assist the GEFF’s general pricing on IMON.
2) Funding incentives from EU within the quantity of as much as US$ 880,000 (topic to availability of funding) to assist stimulate the demand for incipient or excessive performing applied sciences within the context of Tajikistan. Incentives will completely be supplied to sub-borrowers alongside the agricultural worth chains.
Firm Contact Data
Iso Abdusamiev
iabdusamiev@imon.tj
+992 3422 42353
www.imon.tj
seventeenth Microdistrict, Constructing#2
Khudjand 735700
Republic of Tajikistan
PSD final up to date
26 Jun 2022
Understanding Transition
Additional info relating to the EBRD’s strategy to measuring transition impression is on the market right here.
Enterprise alternatives
For enterprise alternatives or procurement, contact the shopper firm.
For enterprise alternatives with EBRD (not associated to procurement) contact:
Tel: +44 20 7338 7168
E mail: projectenquiries@ebrd.com
For state-sector initiatives, go to EBRD Procurement:
Tel: +44 20 7338 6794
E mail: procurement@ebrd.com
Common enquiries
Particular enquiries may be made utilizing the EBRD Enquiries kind.
Environmental and Social Coverage (ESP)
The ESP and the related Efficiency Necessities (PRs) set out the methods during which the EBRD implements its dedication to selling “environmentally sound and sustainable improvement”. The ESP and the PRs embrace particular provisions for shoppers to adjust to the relevant necessities of nationwide legal guidelines on public info and session in addition to to determine a grievance mechanism to obtain and facilitate decision of stakeholders’ issues and grievances, particularly, about environmental and social efficiency of the shopper and the venture. Proportionate to the character and scale of a venture’s environmental and social dangers and impacts, the EBRD moreover requires its shoppers to reveal info, as applicable, concerning the dangers and impacts arising from initiatives or to undertake significant session with stakeholders and think about and reply to their suggestions.
Extra info on the EBRD’s practices on this regard is ready 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 finest follow. Integrity due diligence is carried out on all Financial institution shoppers to make sure that initiatives don’t current unacceptable integrity or reputational dangers to the Financial institution. The Financial institution believes that figuring out and resolving points on the venture evaluation approval phases is the simplest technique of guaranteeing the integrity of Financial institution transactions. OCCO performs a key position in these protecting efforts, and in addition helps to watch integrity dangers in initiatives post-investment.
OCCO can also be liable for investigating allegations of fraud, corruption and misconduct in EBRD-financed initiatives. 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 electronic mail to compliance@ebrd.com. All issues reported shall be dealt with by OCCO for follow-up. All stories, together with nameless ones, shall be reviewed. Reviews may be made in any language of the Financial institution or of the Financial institution’s international locations of operation. The data supplied should be made in good religion.
Entry to Data Coverage (AIP)
The AIP units out how the EBRD discloses info and consults with its stakeholders in order to advertise higher consciousness and understanding of its methods, insurance policies and operations following its entry into pressure on 1 January 2020. Please go to the Entry to Data Coverage web page to seek out out what info is on the market from the EBRD web site.
Particular requests for info may be made utilizing the EBRD Enquiries kind.
Impartial Mission Accountability Mechanism (IPAM)
If efforts to deal with environmental, social or public disclosure issues with the Shopper or the Financial institution are unsuccessful (e.g. by the Shopper’s Mission-level grievance mechanism or by direct engagement with Financial institution administration), people and organisations might search to deal with their issues by the EBRD’s Impartial Mission Accountability Mechanism (IPAM).
IPAM independently evaluations Mission points which can be believed to have prompted (or to be more likely to trigger) hurt. The aim of the Mechanism is: to assist dialogue between Mission 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 Mission-specific provisions of its Entry to Data Coverage; and the place relevant, to deal with any current non-compliance with these insurance policies, whereas stopping future non-compliance by the Financial institution.
Please go to the Impartial Mission Accountability Mechanism webpage to seek out out extra about IPAM and its mandate; methods to submit a Request for overview; or contact IPAM through electronic mail ipam@ebrd.com to get steerage and extra info on IPAM and methods to submit a request.
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