According to FMO site, 5 million is allocated to Hamkorbank of Uzbekistan with the purpose of the intended facility is to support and promote the increasing trade finance activities of the bank.
The improving Uzbekistan economy offers increasing opportunities for trade finance. The bank is an existing FMO customer with a good track record. The proposed facility contributes to economic development in Uzbekistan.
Environmental and social rationale
This facility has been categorised as Category B in accordance with FMO’s Sustainability Policy.
Hamkorbank ("the bank") is the largest privately-owned bank and the 8th largest bank in Uzbekistan, ~5% market share measured by assets (USD ~850 million). With 42 branches and 168 mini banks they operate a countrywide network. The bank's strategy is to focus on Micro, SME and retail customers. The bank is an existing customer of FMO since 2012.
FMO has implemented an Independent Complaints Mechanism which allows external parties to file a complaint concerning projects financed by FMO.https://www.fmo.nl/independent-complaints-mechanism
JSCB HAMKORBANK <http://www.hamkorbank.uz/>