Project detail - JSCB HAMKORBANK


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

Hamkorbank ("HB", "the bank") is the largest privately-owned bank and the 9th largest bank in Uzbekistan, with ~3% market share measured by assets (USD ~1,000 million). With 46 branches and 171 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 100 million loan facility, of which USD 50m is uncommitted. The loan has the option to be fully funded in local currency UZS, which is scarcely available for medium to long terms. This 3-year bullet loan will be used to finance a combination of Micro and Women, Youth, Agriculture SME customers of HB (50%), which contribute to FMO's Reducing Inequalities target. In addition, the loan will be used to finance Green projects (50%), 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. SMEs contribute for ~80% to Uzbek employment, around 30% to the country’s exports and >50% of imports. 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.

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Website customer/investment
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Financial Institutions
Effective date
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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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