Original disclosure @ FMO website
Updated in EWS Jul 15, 2020
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FMO is providing 5 million USD to JSICB Ipak Yuli Bank (“IYB”) 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
The project has been categorised as Category C in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the Project, the bank will be required to apply the EDFI Exclusion List and (Country) E&S laws and regulations.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
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
JSICB Ipak Yuli Bank (“IYB”)