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Challenge Description
A senior mortgage of as much as USD 6 million equal to Ipak Yuli Financial institution in Uzbekistan. The mortgage will likely be offered below the Inexperienced Economic system Financing Facility Uzbekistan (“GEFF Uzbekistan”). The proceeds of the mortgage will likely be on-lent to eligible Sub-borrowers implementing qualifying Sub-projects in step with the technical and monetary eligibility standards; Sub-borrowers will likely be entitled for Funding incentives in keeping with the eligibility standards.
The mortgage will likely be provided in the native forex in two equal tranches of USD 3m equal every. Tranche 1 will likely be dedicated upon signing the mortgage settlement; Tranche 2 will likely be uncommitted and should change into out there on the sole discretion of the EBRD. Every tranche could have a tenor of three years, and can be disbursed within the UZS equivalents of the USD quantities calculated at or round the time of the related disbursements.
Challenge Targets
The mission will allow Ipak Yuli Financial institution to reinforce its product providing and supply time period financing to personal shoppers within the nation for investments in local weather change mitigation and adaptation applied sciences and providers supporting Inexperienced Economic system Transition.
Transition Influence
ETI rating: 70
The mission will contribute to the Inexperienced Transition Influence high quality. It facilitates constructing a inexperienced economic system in Uzbekistan by facilitating the enlargement of vitality effectivity investments and offering optimistic demonstration results of such initiatives, by way of on-lending to personal sector Sub-borrowers (e.g. companies, suppliers and distributors of excessive performing inexperienced applied sciences and repair suppliers).
Consumer Data
IPAK YULI JOINT-STOCK INNOVATION COMMERCIAL BANK
Ipak Yuli Financial institution (“IYB”) is a privately-owned financial institution in Uzbekistan with deal with MSME and retail segments. The financial institution demonstrates sturdy enterprise dynamics and a number one tempo of innovation/digitalisation available on the market. IYB is ranked third largest amongst 21 personal banks (or thirteenth out of all 33 banks) by belongings and loans, with market shares of two% at 1H22.
EBRD Finance Abstract
USD 6,000,000.00
Complete Challenge Price
USD 6,000,000.00
Additionality
Additionality will likely be achieved by way of a mixture of: (i) financing construction; (ii) progressive inexperienced finance instrument; and (iii) standard-setting.
(i) Financing Construction. EBRD affords native forex financing on phrases not available out there. EBRD affords a tenor, which is longer than out there to the shopper out there on cheap phrases and situations.
(ii) Modern financing buildings and/or devices. EBRD affords an progressive inexperienced finance instrument that integrates elements comparable to local weather and environmental, social and governance (ESG) requirements and/or local weather and ESG danger concerns into the financing construction.
(iii) Customary-setting: serving to initiatives and shoppers obtain increased requirements.
Environmental and Social Abstract
Categorised FI (ESP 2019). Ipak Yuli Financial institution is an present shopper will likely be required to proceed to adjust to EBRD’s PRs 2, 4 and 9 and submit Annual E&S Reviews to the Financial institution and implement the EBRD’s E&S Procedures for Company, SME and Micro Lending. All GEFF associated sub-projects will, as well as, require to be aligned with the GEFF Coverage Assertion.
Technical Cooperation and Grant Financing
Ipak Yuli Financial institution will profit from a complete Technical Cooperation (“TC”) devoted to help the implementation of the GEFF Uzbekistan. The entire TC bundle below the GEFF Uzbekistan out there for taking part banks is as much as €3.5 million. TC help is offered by the EBRD Particular Shareholder Fund (“SSF”), TaiwanBusiness-EBRD Technical Cooperation Fund (“TWTC”) and Austrian Regional Early Transition International locations (“ETC”) Power Effectivity Programme Fund.
In addition to, the mortgage is supplemented by co-investment grants of as much as USD 660,000 paid as funding incentives to Sub-borrowers in step with the degrees and eligibility standards set forth within the GEFF Coverage Assertion. Co-investment grants are offered by SSF.
Firm Contact Data
Dilaziz Sultanov
d.sultanov@ipakyulibank.uz
+998 (78) 140-69-43
+998 (78) 140-69-05
https://en.ipakyulibank.uz
2, Abdulla Qodiriy Avenue, Tashkent, Uzbekistan
Implementation abstract
PSD final up to date
18 Nov 2022
Understanding Transition
Additional data concerning the EBRD’s strategy to measuring transition impression is out there 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
Electronic mail: projectenquiries@ebrd.com
For state-sector initiatives, go to EBRD Procurement:
Tel: +44 20 7338 6794
Electronic 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 embody particular provisions for shoppers to adjust to the relevant necessities of nationwide legal guidelines on public data 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 mission. Proportionate to the character and scale of a mission’s environmental and social dangers and impacts, the EBRD moreover requires its shoppers to reveal data, as acceptable, in regards to the dangers and impacts arising from initiatives 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 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 very best requirements of integrity are utilized to all actions of the Financial institution in accordance with worldwide finest observe. Integrity due diligence is performed 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 mission evaluation approval levels 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 initiatives post-investment.
OCCO can be answerable 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 e mail to compliance@ebrd.com. All issues reported will likely be dealt with by OCCO for follow-up. All reviews, together with nameless ones, will likely be reviewed. Reviews 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 power on 1 January 2020. Please go to the Entry to Data Coverage web page to seek out out what data is out there from the EBRD web site.
Particular requests for data may be made utilizing the EBRD Enquiries kind.
Unbiased Challenge Accountability Mechanism (IPAM)
If efforts to handle environmental, social or public disclosure issues with the Consumer or the Financial institution are unsuccessful (e.g. by way of the Consumer’s Challenge-level grievance mechanism or by way of direct engagement with Financial institution administration), people and organisations might search to handle their issues by way of the EBRD’s Unbiased Challenge Accountability Mechanism (IPAM).
IPAM independently critiques Challenge points which can be 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 present non-compliance with these insurance policies, whereas stopping future non-compliance by the Financial institution.
Please go to the Unbiased Challenge Accountability Mechanism webpage to seek out out extra about IPAM and its mandate; how you can submit a Request for overview; or contact IPAM by way of e mail ipam@ebrd.com to get steering and extra data on IPAM and how you can submit a request.
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