51280 - UzMRC Equity

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Summary of Investment Information

Project Number

51280

Company Name

JSC MORTGAGE REFINANCING COMPANY OF UZBEKISTAN

Date SPI Disclosed

Aug 4, 2026

Country

Uzbekistan

Region

Central Asia and Turkiye

Projected Board Date

Sep 4, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Aug 4, 2026

Department

CF5CT - Regional Industry FIG MCT/FIG Central Asia & Turkey

Industry

Financial Markets

Sector

Secondary Mortgage Institutions

Project Description

IFC’s investment is in the form of UZS denominated common equity investment of up to US$10 million by subscribing to common shares to be issued by Joint-Stock Company “Mortgage Refinancing Company of Uzbekistan” (UzMRC or the Company), to help to maintain its operations on obtaining financing for refinancing mortgage loans. Proceeds of the proposed investment will be used by UzMRC to refinance the residential mortgage portfolios of the Participating Financial Institutions (PFIs) as well as to support UzMRC’s other activities such as new products developments (including green mortgages, affordable housing, Islamic finance), improvement of financial literacy, and development of new capital markets products (RMBS).

Associated Advisory Engagement

IFC has been providing technical assistance to UzMRC, including co-developing its 2025–2030 strategy with IBRD, standardizing mortgage lending, and introducing products for borrowers with informal incomes. The team is currently supporting the first pilot RMBS transaction under a capital market sandbox regime. Through this partnership, IFC is strengthening banks' capacity to originate market-rate mortgages and build portfolios suitable for refinancing. More broadly, IFC supports the development of capital market legislation to enable mortgage-backed securities and covered bonds, expanding access to long-term funding for UzMRC and commercial banks.

Sponsor / Cost / Location

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Equity	Housing Loans to Individuals

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant, expected project-level outcome is increased access to housing finance in Uzbekistan. Beyond the project outcomes, IFC anticipates that the Project will promote greater competitiveness, mainly through capacity building and economic network channels. The Project will help UzRMC more than double its loan portfolio reaching US$1.381 billion, up from the current level of US$512 million by year-end 2030. Through its equity participation, IFC will also support implementation of the UzMRC medium-term strategy and its key objectives of increasing access and affordability of mortgage finance for underserved segments of the population, particularly those with informal income, the young and female borrowers. In addition, IFC's presence as a shareholder would help raise additional funds in capital markets, which would in turn help address the housing finance gap.

IFC’s expected additionality in the Project is both financial and non-financial. Financial additionality is provided through financing structure with an equity investment from IFC’s own account. Non-financial additionality is provided through: (i) knowledge sharing and capacity building associated with targeted efforts from IFC’s complementary Upstream Advisory Services to build UzMRC’s capacity in strategy and product development and support its efforts to prepare for the capital market transactions, and (ii) standard-setting with IFC helping UzMRC to improve its CG framework to mitigate external influence on the decision-making process.

E&S Category Rationale / Risks and Mitigation

The Project is an equity investment in Uzbekistan Mortgage Refinancing Company (UzMRC), the country’s sole mortgage refinancing institution and an existing IFC client. The Company refinances pools of individual residential mortgages originated by partner banks and currently does not refinance commercial buildings or housing developers. Going forward, UzMRC intends to expand its activities to include refinancing of commercial properties, including potentially mixed-use properties comprising both residential and commercial components. The environmental and social (E&S) risks associated with refinancing residential mortgages are low, while those related to mixed-use properties are expected to be low to medium. The Project has been categorized as FI-2, in accordance with the IFC Environmental and Social Sustainability Policy.

The Project will not support activities on the IFC Exclusion List, nor coal-related or other higher-risk activities which may include: (i) involuntary resettlement, (ii) risk of adverse impacts on indigenous peoples, (iii) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, (iv) retrenchment or (v) significant occupational health and safety risks.

For the commercial components of mixed-use properties, applicable E&S requirements will include compliance with the IFC Exclusion List and relevant national E&S laws and regulations. In addition, UzMRC’s own operations will be required to comply with IFC Performance Standard 2 on Labor and Working Conditions, including strengthening its grievance mechanism and anti-harassment policy.

Given the low-risk nature of its residential mortgage refinancing activities, UzMRC is not required to maintain a fully-fledged ESMS at this time. However, prior to commencing the refinancing of commercial buildings, the Company will designate an E&S Officer and develop and implement an ESMS commensurate with the associated E&S risks and impacts. ESMS requirements will be integrated into UzMRC’s refinancing procedures and contractual arrangements with partner banks, so that applicable E&S requirements are effectively cascaded to the underlying sub-borrowers.

S.no	Title	Anticipated Completion Date
1	Designate ESMS staff	12/31/2027
2	Develop an ESMS	12/31/2027
3	Enhance and formally adopt HR policies and procedures	12/14/2026
4	Enhance the grievance handling policy	12/14/2026
5	Develop a sexual harassment policy	01/15/2027

Contacts

For Inquiries About the Project, Contact

Uzbekistan Mortgage Refinancing Company
Marat Nurmamatov
CFO
+998 78 148-30-00
marat.nurmamatov@uzmrc.uz
64 Oloy Bozori Street, “Orient” Business Center, Tashkent 100000, Uzbekistan.
https://uzmrc.uz/

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Mortgage Debt Outstanding (as a percent of GDP)	Percent		Not Available	Not Available	Not Available
Number of Outstanding Loans, Housing	number		Not Available	Not Available	Not Available
Value of Outstanding Loans, Housing	$		Not Available	Not Available	Not Available

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