Project detail - JSICB IPAK YULI


Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

JSICB Ipak Yuli Bank (“IYB”) is a mid-sized universal bank in Uzbekistan with focus on Micro, Small and Medium sized enterprises. The bank operates a network of 15 branches (80 points of sale) with 1,863 staff. IYB is an existing client of FMO since 2013.

What is our funding objective?

The loan will be funded in local currency UZS, which is scarcely available for medium to long terms. This 5-year loan will be used to finance a combination of women, youth, agriculture Micro and SME customers of IYB (USD 13 million), which contribute to FMO's Reducing Inequalities target. In addition, the loan will partially be used to finance Green projects (USD 2 million), supporting FMO's Climate Action target.

Why do we fund this investment?

Green and Reducing Inequalities is at the heart of FMO’s strategy. The loan supports women and young (agricultural) MSME entrepreneurs, with access to finance. Furthermore, this loan provides IYB with stable long term funding, which indirectly contributes to supporting job creation, job maintenance and economic growth. Uzbekistan is one of the poorer countries in the region with ~15% of the population living below the poverty line (down from 30% in 2001), of which 75% live in rural areas, where agriculture is the main industry. MSMEs are the core of the Uzbek economy. In 2016 SMEs generated ~60% of the country’s GDP and provided more than 75% of total jobs. Access to credit remains critical for further development of the MSME segment.

What is the Environmental and Social categorization rationale?

The project has been categorized as Category C in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the Project, the Bank will be required to apply the EDFI Exclusion List and Uzbekistan's E&S laws and regulations.

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Website customer/investment
Europe & Central Asia
Financial Institutions
Effective date
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USD 15.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
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