GCF GEFF Regional - Bank Arvand Loan V (EBRD-57467)

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
Proposed
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
May 19, 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 Arvand Bank
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
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)
$ 3.75 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)
$ 3.75 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
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 31, 2026

Disclosed by Bank May 21, 2026

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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.

According to the EBRD, the project consists of the provision of a senior unsecured loan of up to US$ 5 million to Arvand Bank, of which up to US$ 3.75 million to be provided by the EBRD and up to US$ 1.25 million by the Green Climate Fund (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 fifth loan to Arvand under the GCF GEFF Regional Framework, building on the successful utilisation of previous facilities and supporting the continued development and deepening of the green finance market in Tajikistan. The proceeds of the loan will be allocated to climate change mitigation and adaptation technologies. The transaction will support further expansion of Arvand's green lending products in a gender-responsive way.

The project contributes to the objectives of the GCF GEFF Regional Framework and supports the Green transition quality, with 100 per cent of the use of proceeds allocated to GET-eligible investments. Through continued GEFF support to Arvand, the transaction facilitates the practical deployment of climate mitigation and adaptation technologies, particularly in agriculture and rural areas, where affordability and capacity constraints remain material. The project also builds on Arvand's ongoing engagement with the EBRD under the GEFF framework, including the development and implementation of its climate transition plan.

TECHNICAL COOPERATION AND GRANT FINANCING

Technical Cooperation (TC): Arvand will continue to benefit from a programme-level TC package funded by the Green Climate Fund (GCF), Republic of Korea and Republic of Austria. The TC supports participating financial institutions with capacity building, implementation and monitoring of the GEFF programme, including promoting equal access to green finance for both women and men sub-borrowers. Funding sources:GCF, Republic of Austria, Republic of Korea.

Blended Concessional Finance:

I. Concessional funding with a grant-equivalent of up to US$ 0.05 million will be provided through the GCF-financed loan component. The GCF margin and front-end fee are discounted by 80 per cent relative to EBRD pricing, supporting the affordability of GEFF on-lending and facilitating programme implementation. Source: Green Climate Fund (GCF).

II. Investment incentives will be provided to help stimulate the demand for innovative and high-performing green technologies, and to encourage early adoption of such solutions in the local market. Amount: up to US$ 0.540m. Source: Shareholder Special Fund (SSF).

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.
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 Arvand Bank (Arvand) operates as a fully-fledged universal commercial bank, offering a full range of banking services, primarily to retail and MSME segments in Tajikistan. Arvand was the tenth-largest bank by assets (with a market share of 4 per cent) and sixth by the loan book (8 per cent) among Tajikistan banks as of end-2025.


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 Arvand Bank:

Gulnora Yakubova
Email: gulnora.yakubova@arvand.tj 
Phone: +992 44 600 14 00
Website: www.arvand.tj 
Address: CJSC Bank Arvand 1A Somoni Avenue Khujand, 735700, 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