GCF GEFF Regional II - Humo Bank Loan IV (EBRD-57042)

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
Sep 8, 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
Humo Bank CJSC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 7.50 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)
$ 7.50 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)
$ 10.00 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 Oct 2, 2026

Disclosed by Bank Sep 20, 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 loan of up US$ 10 million equivalent to Humo, of which up US$ 7.5 million equivalent is to be provided by the EBRD and up USD 2.5 million to be provided by the GCF under the GCF-Green Economy Financing Facility Regional Framework (GCF-GEFF Programme in Tajikistan II).

The proposed operation complies with the GCF-GEFF Regional Framework criteria. This is the fourth loan under the Framework to Humo which follows the successful utilisation of the "pilot" loan signed in 2019 and the second facility in 2022. Proceeds of the loan will be allocated to climate change mitigation and adaptation technologies. The transaction will support further expansion of Humo's product offerings with green lending products, in a gender responsive way.

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 project E&S risk as 'FI'.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the EBRD, the investment consists of a senior unsecured loan of up USD 10m equivalent in two equal tranches of the equivalent of USD 5.0m each. 75 per cent of each tranche will be financed from EBRD sources in the synthetic local currency; the remaining 25 per cent of each tranche will be financed by Green Climate Fund (GCF) in US dollars.

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, Humo Bank CJSC is 8th largest bank by assets (4.6% market share) and 4th by the loan book (8.1%) at 1Q26. Humo serves approximately 419k clients, representing around ~4% of the national population, through a network of 25 branches (including one Islamic window branch), 58 customer service outlets (BSCs) and 68 new digital offices.

Humo was founded as Micro Loan Fund "Humo" in 2004, originating from the microcredit programme of CARE International - a leading global humanitarian NGO founded in 1945 and focused on poverty alleviation - following the adoption of Tajikistan's Law on Microfinance. In 2008, the institution was restructured into "Humo & Partners" to support further growth and attract investment, before being converted into Micro Deposit Organization "Humo" in 2013 upon receiving a deposit-taking licence from the NBT. On 23 July 2025, Humo obtained a full banking licence from the NBT, completing its transformation into a fully-fledged universal commercial bank primarily serving retail and MSME clients.


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 - Humo Bank CJSC:

Azamzhon Abbasov
Email: AbbasovA@humo.tj 
Phone: +992 (44) 640-55-44
Website: https://www.humo.tj/ 
Address: 148/1 N. Qaraboev Str., 734061, 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