Project detail - Joint Stock Commercial Bank HAMKORBANK

Joint Stock Commercial Bank 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 a leading privately-owned bank and the 10th largest bank in Uzbekistan (CEE region), with ~3% market share measured by assets (USD ~1,500 million). With 2,322 staff they operate a countrywide network through 43 full-service branches in 14 key regions and ~160 bank service centers. 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?

The USD 50m loan agreement is a dual-currency facility allowing HB to attract funding in local currency UZS as well as USD. This 3-year loan is used to finance a combination of Micro entrepreneurs and Women and Youth SMEs (70%), which contribute to FMO's Reducing Inequalities target. In addition, the loan will partially be used to finance eligible Green projects (30%), 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 supports women and young MSME entrepreneurs, with access to finance. Furthermore, this loan provides HB with stable medium-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.

What is the Environmental and Social categorization rationale?

The Financial Institution is considered Category A given the exposure to sectors with high E&S risks such as cement, metallurgy, glass manufacturing, construction, chemicals. This is combined with indirect (through the textile value chain) exposure to the cotton sector that is associated with contextual labor- and human rights issues in Uzbekistan. HB does not finance coal mines nor coal-fired power plants. The bank has a dedicated E&S team and an Environmental and Social Management System that will be further strengthened with FMO's support. An Environmental and Social Action Plan has been drawn up following EDFI requirements and HB's ambitions related to sustainable finance.

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Website customer/investment
Europe & Central Asia
Financial Institutions
Publication date
Effective date
Total FMO financing
USD 50.00 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)