JSCB "Hamkorbank"
Status: Approved investmentWhy disclosure?
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Disclaimer
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 9th largest bank in a sector dominated by state-owned banks. They are the 3rd largest private bank, holding 3.6% of both sector assets and sector loans. The bank is one of the market leaders in their chosen micro-, small-, and medium-sized enterprise (MSME) segment. The bank has 3,949 staff (~25% female) and operates through a countrywide network of 168 banking services centres, servicing more than 4.8 million customers, including ~58 thousand legal entities (mainly MSMEs) and ~65 thousand “natural person entrepreneurs”. The bank is an existing customer of FMO since 2012.
What is our funding objective?
The USD 100m loan agreement includes an uncommitted tranche of USD 50m. It is a dual-currency facility allowing HB to attract funding in local currency UZS as well as USD. This 4-year loan is used to finance a combination of micro entrepreneurs and women and youth SMEs (100%), which contribute to FMO's Reducing Inequalities target (100% RI Label). In addition, the loan will also qualify as eligible Green projects (20% Green Label), 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. MSMEs generate ~55% of the country’s GDP and provide ~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 FI-A given exposure to high-risk sectors such as heavy industry (including energy, cement, glass manufacturing, metallurgy, chemicals), construction, agriculture and textile. Top 10 clients are in high-risk sectors including energy generation, transmission, and trading and textile. Hamkorbank does not finance coal fired power plants, nor coal infrastructure. The bank has a dedicated E&S team and an Environmental and Social Management System that will be further strengthened with FMO's support. A new Environmental and Social Action Plan has been agreed for implementation in 2025 and 2026.
More investments
- Website customer/investment
- https://hamkorbank.uz/en/
- Region
- Europe & Central Asia
- Country
- Uzbekistan
- Sector
- Financial Institutions
- Publication date
- 2/26/2026
- Effective date
- 2/10/2026
- Total FMO financing
- USD 50.00 MLN
- Funding
- FMO NV
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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
(A, B+, B or C) - A