Project detail - JSICB IPAK YULI


Back to map

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. With 2,040 staff (49% female) the bank operates a network of 16 branches, 36 mini banks and various other cash desk and terminals. IYB is an existing client of FMO since 2013.

Funding objective

The USD 50m loan agreement consist of a USD 15 committed and USD 35m uncommitted tranche. The facility is dual-currency including local currency UZS, which is scarcely available for medium to long terms. This 3-year loan is used to finance a combination of women, youth, agriculture Micro and SME customers of IYB (80%), which contribute to FMO's Reducing Inequalities target. In addition, the loan will partially be used to finance Green projects (20%), 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. MSMEs are the core of the Uzbek economy. SMEs generate ~60% of the country’s GDP and provide 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.

More investments

Date Total FMO financing
4/30/2020 USD 5.00 MLN
2/26/2020 USD 15.00 MLN
8/13/2019 USD 20.00 MLN
5/17/2019 USD 5.00 MLN
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)