GEFF Uzbekistan – Ipak Yuli Bank II loan

Project description

A senior loan of up to USD 6 million equivalent to Ipak Yuli Bank in Uzbekistan. The loan will be provided under the Green Economy Financing Facility of Uzbekistan (“GEFF Uzbekistan”). The proceeds of the loan will be on-lent to eligible sub-borrowers implementing eligible sub-projects in accordance with the technical and financial eligibility criteria; Sub-borrowers will be entitled to investment incentives according to the eligibility criteria.

The loan will be offered in local currency in two equal tranches of $3 million each. Tranche 1 will be committed upon signature of the loan agreement; Tranche 2 will be uncommitted and may become available at the sole discretion of the EBRD. Each tranche will have a duration of three years and will be disbursed in UZS equivalents of USD amounts calculated at or about the time of the relevant disbursements.

the project’s objectives

The project will enable Ipak Yuli Bank to enhance its product offering and provide term finance to private clients in the country for investments in climate change mitigation and adaptation technologies and services supporting the transition to a green economy.

Impact of transition

ETI rating: 70

The project will contribute to the Green Transition Impact quality. It facilitates the building of a green economy in Uzbekistan by facilitating the expansion of energy efficiency investments and providing positive demonstration effects of these projects, through on-lending to private sector sub-borrowers (e.g., companies, suppliers and sellers of high-performance green technologies and service providers).

Customer information


Ipak Yuli Bank (“IYB”) is a private bank in Uzbekistan focusing on the MSME and retail segments. The bank demonstrates strong commercial momentum and a market-leading pace of innovation/digitalization. IYB is ranked 3rd among 21 private banks (or 13th out of all 33 banks) in terms of assets and loans, with market shares of 2% in HY22.

EBRD Financial Summary


Total project cost



Additionality will be achieved through a combination of: (i) financing structure; (ii) innovative green financing instrument; and (iii) standard setting.

(I) Funding structure. The EBRD offers local currency financing on terms that are not readily available in the market. The EBRD offers a longer term than that available to the client in the market on reasonable terms.

(ii) Innovative financing structures and/or instruments. The EBRD offers an innovative green finance instrument that integrates aspects such as climate and environmental, social and governance (ESG) standards and/or climate and ESG risk considerations into the financing structure.

(iii) Standard Parameter: helping projects and clients achieve higher standards.

Environmental and social summary

FI rated (ESP 2019). Ipak Yuli Bank is an existing client who will need to continue to comply with EBRD PR 2, 4 and 9 and submit annual E&S reports to the Bank and implement EBRD E&S procedures for corporate lending, SMEs and microcredits. All GEFF-related sub-projects should furthermore be aligned with the GEFF Policy Statement.

Technical Cooperation and Grant Financing

Ipak Yuli Bank will benefit from full technical cooperation (“TC”) dedicated to supporting the implementation of GEFF Uzbekistan. The total TC package under GEFF Uzbekistan available to participating banks is EUR 3.5 million. Technical cooperation support is provided by the EBRD Shareholders’ Special Fund (“SSF”), the TaiwanBusiness-EBRD Technical Cooperation Fund (“TWTC”) and the Austrian Countries Energy Efficiency Program Fund in the Beginning of transition (“ETC”).

In addition, the loan is complemented by co-investment grants of up to USD 660,000 disbursed as investment incentives to sub-borrowers in accordance with the levels and eligibility criteria defined in the GEFF policy statement. . Co-investment grants are provided by SSF.

Company details

Dilaziz Sultanov
[email protected]
+998 (78) 140-69-43
+998 (78) 140-69-05
2, Abdulla Qodiriy St., Tashkent, Uzbekistan

Implementation Summary

PSD latest update

November 18, 2022

Understanding Transition

More information on the EBRD’s approach to measuring transition impact is available here.

Professional opportunities

For business or procurement opportunities, contact the client company.

For business opportunities with the EBRD (non-procurement related), contact:

Tel: +44 20 7338 7168
Email: [email protected]

For public sector projects, visit BERD Procurement:

Tel: +44 20 7338 6794
Email: [email protected]

General Information

Specific requests can be made using the EBRD’s inquiry form.

Environmental and Social Policy (ESP)

The ESP and associated performance requirements (PRs) set out how the EBRD implements its commitment to promote “environmentally sound and sustainable development”. The PSE and PRs include specific provisions for clients to comply with applicable requirements of national public information and consultation laws as well as establishing a grievance mechanism to receive and facilitate the resolution of concerns. and stakeholder grievances, particularly regarding the environmental and social performance of the client and the project. Proportionate to the nature and magnitude of a project’s environmental and social risks and impacts, the EBRD further requires its clients to disclose information, as appropriate, on the risks and impacts arising from the projects. or that they undertake extensive consultations with stakeholders and consider and respond to their feedback.

Further information on the EBRD’s practices in this regard can be found in the ESP.

Integrity and compliance

The EBRD’s Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all Bank activities in accordance with international best practices. Integrity due diligence is performed on all Bank clients to ensure that projects do not pose unacceptable risks to the integrity or reputation of the Bank. The Bank believes that identifying and resolving issues during the approval stages of project appraisal is the most effective way to ensure the integrity of Bank transactions. OCCO plays a key role in these safeguarding efforts and also helps monitor integrity risks in projects after investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, inside or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email at [email protected] All reported issues will be handled by OCCO for follow-up. All reports, including anonymous reports, will be investigated. Reports can be written in any language of the Bank or of the Bank’s countries of operations. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders in order to promote a better knowledge and understanding of its strategies, policies and operations after its entry into force on January 1, 2020. Please see the Access Policy page to the information to find out more. what information is available on the EBRD website.

Specific inquiries can be made using the EBRD’s inquiry form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the client or the Bank are unsuccessful (for example through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organizations can seek to address their concerns through the Independent Project Accountability Mechanism (IPAM).

IPAM independently investigates project issues that are suspected of causing (or likely to cause) harm. The objective of the mechanism is to: support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; determine whether the Bank has complied with its environmental and social policy or the project-specific provisions of its access to information policy; and, where appropriate, to remedy any existing non-compliance with these policies, while preventing any future non-compliance on the part of the Bank.

Please visit the Independent Project Accountability Mechanism webpage to learn more about IPAM and its mandate; how to submit a request for review; or contact IPAM by email [email protected] for advice and more information about IPAM and how to submit an application.

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