TBC UZStatus: Approved investment
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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
- FMO NV
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)