Project detail - JSICB IPAK YULI


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Who is our client

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.

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 we fund this project

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.

Environmental and social 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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10/15/2018 USD 5.00 MLN
7/31/2015 USD 15.00 MLN
12/11/2013 USD 5.00 MLN
Website client
Europe & Central Asia
Financial Institutions
Signing date
Total FMO financing
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
(A, B+, B or C)