Early Warning System

Countries

Uzbekistan

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

Asian Development Bank (ADB)

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

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 28, 2025

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

Joint Stock Company “Mortgage Refinancing Company of Uzbekistan”

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Construction
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)

$ 30.00 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 @ ADB website

Updated in EWS Nov 6, 2025

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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 Bank’s website, the transaction involves a local currency synthetic loan of up to the SUM equivalent of $30,000,000 to Mortgage Refinancing Company of Uzbekistan (UzMRC) for the Inclusive and Green Mortgage Market Development Facility in Uzbekistan. The loan will provide long-term funding to enhance the mortgage liquidity in the country by refinancing commercial banks' eligible residential mortgages in both primary and secondary markets. The project will increase the availability of mortgage loans, focusing on the needs of women and youth and green renovation mortgages in Uzbekistan.

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 project is classified category FI treated as C for environment, involuntary resettlement, and indigenous peoples under ADB's Safeguard Policy Statement (2009) (SPS).

UzMRC's business activities have minimal or no adverse environmental impacts and are unlikely to entail any impacts on involuntary resettlement and indigenous peoples.

Investment Description

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

Asian Development Bank (ADB)

A loan of $30,000,000 (in its SUM equivalent) from the ordinary capital resources of the Asian Development Bank (ADB) to client.

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 on the company's website, Mortgage Refinancing Company of Uzbekistan is a refinancing credit institution in the form of a joint stock company. JSC "Mortgage Refinancing Company of Uzbekistan" (UzMRC) was established by the Ministry of Finance in November 14, 2019 in accordance with Presidential Decree No. UP-5715 dated May 13, 2018, as a mechanism to ensure mortgage liquidity to solve the problem of long-term financing in the banking sector. The Company's charter capital is 100 billion soums.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Mortgage Refinancing Company of Uzbekistan (UzMRC)	Client	-

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.

No contacts available at the time of disclosure.