Project detail - Joint Stock Innovative Commercial Bank Ipak Yuli

Joint Stock Innovative Commercial Bank Ipak Yuli

Status: Completed investment
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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

JSICB Ipak Yuli Bank (“IYB”) is a mid-sized universal bank in Uzbekistan with focus on Micro, Small and Medium sized enterprises. The bank operates a network of 15 branches (80 points of sale) with 1,863 staff. IYB is an existing client of FMO since 2013.

What is our funding objective?

FMO will act as sole B-lender in a 5 year senior unsecured loan arranged by a well reputed multilateral development bank. The loan will include an option for IYB to opt for local currency disbursement. The B-loan from FMO is up to USD 10m and will be used to finance a combination of women, youth, rural agriculture Micro and SME customers of IYB. The B-loan will contribute for 100% to FMO's Reducing Inequalities target.

Why do we fund this investment?

Reducing inequalities is at the heart of FMO’s strategy. The FMO B-loan meets the United Nations Sustainable Development Goals supporting women and young MSME entrepreneurs with access to finance. Furthermore, this loan provides IYB with stable long term funding, which indirectly contributes to economic development in Uzbekistan.

What is the Environmental and Social categorization rationale?

Low risk, C-category. IYB has a well-functioning ESMS. No exposure to IFC PS triggered transactions, no exclusion list exposure, limited high risk E&S exposure, no project finance and an overall low average loan size.

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Website customer/investment
http://www.ipakyulibank.com/en/
Region
Europe & Central Asia
Country
Uzbekistan
Sector
Financial Institutions
Publication date
7/4/2018
Effective date
10/15/2018
End date
6/29/2023
Total FMO financing
USD 5.00 MLN
Funding
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)
B