Cdel DAVR SDL (IFC-46674)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Uzbekistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
B
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
Feb 21, 2023
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
PRIVATE JOINT-STOCK COMMERCIAL BANK DAVR-BANK
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 Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (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.
Loan Amount (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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 18, 2024

Disclosed by Bank Feb 3, 2023

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.

According to the bank website, the project includes a senior loan package of up to US$20 million equivalent comprising of: (i) a senior unsecured 3-year loan (incl. 1-year grace period) for the amount of up to US$10 million on IFC’s own account (A Loan) or UZS equivalent, (ii) a senior unsecured 3-year loan (incl. 1-year grace period) for up to US$10 million or UZS equivalent, to be mobilized from institutional investors (B Loan), and (iii) a cross-currency swap for the notional amount disbursed in USD (the “Project”). The purpose of the project is to support the Bank to expand its presence in the micro, small and medium enterprises (“MSME”) segment, including a carve out for gender financing of up to 40% of the loan proceeds to be on-lend to women-owned enterprises (“WOEs”). 

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

The proposed senior loan package consists of IFC’s own account investment of up to US$10 million or UZS equivalent with a tenor of 3 years and a mobilization of up to US$10 million or UZS equivalent with a 3-year tenor.

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.

The Bank was founded and is still owned by the Ubaev family (88.94%, with the key sponsor, Lutfulla Ubaev, holding 46.86%), his close relatives, the Mirzayatov family, particularly, by two nephews of Lutfulla Ubaev (13.56%), and business partners: the Khayrullaev family (11.06%). The ownership is direct, without using any offshore vehicles or nominal partners. The Bank’s founders’ history goes back to 1994 after the USSR collapsed. Mr. Lutfulla Ubaev, together with his family members and business partners, has developed successful catering and food processing businesses and in 2001 established the Bank, which soon became universal with a significant focus on servicing and crediting MSME and retail clients.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Davr Bank Client Finance

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.

Private Joint Stock Commercial Bank "DAVR-BANK“
Mr. Mirsodik Mirzakhidov
Director of Coordination and Monitoring Investment Activity Department
+998712070909 + 124
Mirsodiq.mirzahidov@davrbank.uz
100057, Uzbekistan, Tashkent, Almazar district, st. Shimoly Olmazor, house 17B
https://davrbank.uz/

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works