FIF - CA WiB II - ICB Loan II (EFSD+1) (EBRD-55702)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Tajikistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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
Mar 17, 2026
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
CJSC "Investment and Credit Bank of Tajikistan" (ICB) - formerly known as First MicroFinance Bank
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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.
Investment Amount (USD)
$ 5.00 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.
Loan Amount (USD)
$ 5.00 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.
Project Cost (USD)
$ 5.00 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.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 28, 2026

Disclosed by Bank Apr 24, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

As stated by the EBRD, the project consists of the provision of a senior unsecured loan of up to US$ 5.0m (in TJS equivalent) to ICB under the Financial Intermediary Framework-Central Asian Women in Business II (CA WiB II ) programme for on-lending to women-led MSMEs.

The proposed loan is the third WiB loan to the client following the successful realisation of a first pilot under the Taj WiB programme and a first transaction under the CA WiB. The transaction represents a continuation of the previous engagements, aiming to further support women-led MSMEs in Tajikistan by providing financing opportunities for their business activities and access to know-how.

The loan will be supported by (i) the first loss guarantee in favour of ICB funded by EU via the European Fund for Sustainable Development Plus (EFSD+) Programme, (ii) a result-based compensation element in favour of ICB funded by We-Fi, (iii) tailored capacity-building TC provided to ICB and funded by We-Fi/EFSD+/SSF and (iv) capacity building TC for WiB MSMEs delivered under Advice for Small Businesses (ASB) programme and funded by We-Fi/EU IFCA 3/SBIF SECO. The combined technical cooperation components will help ICB enhance its inclusive financing standards by improving awareness and understanding of the needs of underserved women entrepreneurs.

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 EBRD categorized the E&S risk as 'FI'.

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 by the EBRD, Closed Joint Stock Company "Investment and Credit Bank of Tajikistan" (ICB) - formerly known as First MicroFinance Bank - operates as a fully-fledged universal commercial bank, offering a full range of banking services, primarily to retail and MSME segments in Tajikistan. ICB was the 12th largest bank by assets (with market share of ~2.4%) and the loan book (~3.5%) among Tajikistan banks as of YE2025.


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.

Financial Intermediary - CJSC "Investment and Credit Bank of Tajikistan" (ICB):

Sergey Sharipov
Email: sergey.sharipov@icb.tj 
Phone: +992 37 227-91-70
Fax: +992 37 227-91-70
Website: https://www.icb.tj/EN 
Address: Closed Joint Stock Company Investment and Credit Bank of Tajikistan 10 Pushkin Street, Dushanbe, Republic of Tajikistan

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works