Project detail - TBC UZ


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

TBC UZ is the first digital bank in Uzbekistan. Launched by TBC Bank Group, TBC UZ obtained its full banking license in April 2020 and started operations in October 2020. As of end of November 2022, the bank has a loan portfolio of around USD 100 mln equivalent and is growing rapidly. It serves its clients mainly through mobile channels.

What is our funding objective?

The bank needs additional funds to support its growth and to improve their ALM profile. Their loan portfolio being denominated exclusively in Uzbekistan Soms (UZS), the bank needs stable local currency funding, which FMO provides through this new loan facility. Total facility amount is USD 15m, out of which USD 7.5m are uncommitted.

Why do we fund this investment?

FMO will be providing the first international loan to TBC UZ, while also providing long-term financing in local currency which is still scarce in Uzbekistan. Part of the loan is of the loan is uncommittedFMO's funds will be specifically earmarked to finance micro business loans (30%) therefore contributing to reduced inequalities, as well as energy efficient equipment (70%) contributing to climate actions.

What is the Environmental and Social categorization rationale?

The project has been categorised 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, TBC UZ will be required to apply the EDFI Exclusion List and Uzbekistan E&S laws and regulations.

Website customer/investment
Europe & Central Asia
Financial Institutions
Effective date
Total FMO financing
USD 7.50 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)