Uzbek Leasing 2022 (IFC-46282)

Countries
  • Uzbekistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 5, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Joint-Stock Company Uzbek Leasing International AO
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 10, 2023

Disclosed by Bank Mar 6, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed project consists of (i) an up to US$5 million IFC A loan; and (ii) up to US$10 million equivalent B loans to a longstanding IFC’s client in Uzbekistan – Uzbek Leasing International A.O. (ULI). The proposed Loan maturity is 4 years with a 1-year grace period and will be denominated in USD. The proposed financing will enable ULI to support its leasing operations with a focus on small and medium enterprises and will have a 35% allocation towards climate finance leasing.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The project has been categorized as FI-2 according to the IFC's Sustainability Policy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the IFC's website, ULI is the first leasing company established in Uzbekistan in 1996 and stands as one of the leading SME-focused leasing companies in Uzbekistan. ULI has three shareholders namely, (i) the JSC National Bank for Foreign Economic Activity of Uzbekistan, one of the largest banks in Uzbekistan operating for over 29 years (45.5% stake), (ii) Uzbek-Oman Investment Company, an equity investment fund owned by the State General Reserve Fund of Sultanate of Oman, the largest sovereign wealth fund of the Sultanate of Oman tasked to invest in a diversified portfolio of non-oil overseas assets (44.1% stake) and lastly, (ii) Maybank Banking Berhad, one of the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines (10.4% stake).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - JSC National Bank for Foreign Economic Activity of Uzbekistan Investor Finance
- - - - Maybank Banking Berhad Investor Finance
- - - - Uzbek-Oman Investment Company Investor Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Financial Intermediary - Uzbek Leasing International A.O.:

Zafar Mustafaev - CEO
Phone: +998781200202
Email: info@uzbekleasing.uz
Address: 10084 Tashkent, Yunusabad district, Amir Temur Avenue, 88-A, Simur Business Center, 5th floor
Website: www.uzbekleasing.uz

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works