Project detail - JSCB HAMKORBANK


Status: Completed investment
Back to map

Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

In case of questions

In case of questions, please contact us at


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

Hamkorbank ("HB", "the bank") is the largest privately-owned bank and the 8th largest bank in Uzbekistan, with ~5% market share measured by assets (USD ~850 million). With 42 branches and 168 mini banks, they operate a countrywide network. The bank's strategy is to focus on Micro, SME and retail customers. The bank is an existing customer of FMO since 2012.

What is our funding objective?

Up to USD 40 million loan facility. The loan has the option to be be funded in local currency UZS for USD 20m equivalent, which is scarcely available for medium to long terms. This 2-year loan will be used to finance a combination of women, youth, agriculture Micro and SME customers of HB (USD 20 million), which contribute to FMO's Reducing Inequalities target. In addition, the loan will be used to finance Green projects (USD 20 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 contributes to this strategy by supporting women and young (agricultural) MSME entrepreneurs, with access to finance and by addressing climate action. Furthermore, this loan provides HB with stable medium 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?

Hamkorbank has been categorized as Category B in accordance with FMO’s Sustainability Policy. Hamkorbank’s activities are deemed to have potential, adverse environmental and social risks and/or impacts. As part of the deal, Hamkorbank will be required to apply the EDFI Exclusion List, Uzbekistan E&S laws and regulations and the IFC Performance Standards Framework for their identified Triggered Transactions. Hamkorbank are also required to implement an ESAP to improve their overall ESMS in line with Uzbekistan legislation and international best practice.

More investments

Date Total FMO financing
7/13/2023 USD 50.00 MLN
7/29/2021 USD 50.00 MLN
6/20/2022 USD 30.00 MLN
6/8/2021 USD 5.00 MLN
1/25/2019 EUR 0.01 MLN
10/29/2019 USD 15.00 MLN
9/9/2014 UZS 21524.20 MLN
11/10/2017 USD 5.00 MLN
Website customer/investment
Europe & Central Asia
Financial Institutions
Effective date
End date
Total FMO financing
USD 20.00 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)