51922 - MFP-Catalytic FLG IYB

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Summary of Investment Information

Project Number

51922

Company Name

CFLG Ipak Yuli Bank

Date SPI Disclosed

Mar 3, 2026

Country

Uzbekistan

Region

Central Asia and Turkiye

Projected Board Date

Apr 2, 2026

Environmental Category

FI-2 - Limited

Status

Pending Signing

Last Updated Date

May 22, 2026

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : May 21, 2026

Sector

Commercial Banking - General

Additional Project Attributes

Blended Finance

Project Description

The proposed investment is an unfunded risk-sharing facility in the form of a financial guarantee (“the Facility”) between IFC and Ipak Yuli Bank (“IYB” or “the Bank”) in Uzbekistan, providing first-loss and second loss risk coverage for a new MSME loan portfolio of up to US$100 million to microenterprises, women-owned businesses, and climate-related projects meeting pre-agreed eligibility criteria. The total first-loss amount will be up to US$10 million equivalent, with IFC (for its own account) covering 90% (up to US$9 million equivalent), which is supported by IFC as Implementing Entity of the IDA20 IFC-MIGA Private Sector Window Blended Finance Facility (“IDA PSW BFF”); and IYB covering 10%. The second-loss tranche of US$90 million equivalent will have IFC's pari passu share capped at US$9 million equivalent, with the balance borne by IYB. Thus, IFC's maximum overall risk amount under the Facility will be up to US$18 million equivalent, representing the aggregate of the IFC first loss maximum risk amount and the IFC second loss maximum risk amount. IFC's catalytic investment will provide support in helping to unlock core mobilization of about 9x and help scale up lending for MSMEs in Uzbekistan (the Project).

The Project will be processed under the Catalytic First Loss Guarantee envelope (“Catalytic FLG”) under the MSME Platform, to expand lending to higher-risk and underserved MSME segments, thereby promoting financial inclusion and contributing to a more inclusive and resilient MSME ecosystem. The Catalytic FLG benefits from the support of IDA PSW BFF in PSW eligible countries, including Uzbekistan. [IDA PSW BFF was created by the Word Bank Group to catalyze private sector investment in IDA countries, with a focus on fragile and conflict affected states.]

Associated Advisory Engagement

IFC's Advisory Services support will primarily consist of the Catalytic First Loss Guarantee onboarding support, and thematic support on climate finance measurement to support the bank to accurately compute energy efficiency.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	27.0
Loan
Equity

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
Guarantee	Loans to MSME (mix of Micro and SME)
Guarantee	Loans to Woman-Owned SMEs
Purchased Guarantee	Loans to MSME (mix of Micro and SME)
Purchased Guarantee	Loans to Woman-Owned SMEs

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

Development Impact

The Project is expected to contribute to increased access to finance for MSMEs in Uzbekistan, including climate finance, women-owned businesses and microenterprises, and help narrow the MSME finance gap in the country. By providing a risk-sharing guarantee facility to Ipak Yuli Bank, IFC will address key barriers such as perceived risk and hard collateral requirements by financial intermediaries. This catalytic project is expected to demonstrate the effectiveness of portfolio-level risk mitigation tools, encouraging other financial institutions to replicate climate finance, women-led enterprises and microenterprises lending. At the market level, the Project will foster competitiveness and innovation in MSME finance, supporting Uzbekistan’s transition to a greener economy and broader financial inclusion.

IFC's expected additionality under the Project is both financial and non-financial. Financial additionality will be in the form of innovative unfunded guarantee support derived from the implementation of IFC's catalytic first loss guarantee to support the scaling up of MSME lending in Uzbekistan, with a focus on underserved segments. Non-financial additionality will be provided in the form of knowledge, innovation, and capacity building through provision of a set of advisory and capacity building services aimed at enhancing IYB's ability to cater to the target MSMEs.

Indicator	Metrics	Comments
Number of Outstanding Loans, Climate: MSMEs	number
Number of Outstanding Loans, Microenterprises	number
Number of Outstanding Loans, Women-led Microenterprises	number
Number of Outstanding Loans, Women-led SMEs	number
Value of Outstanding Loans, Women-led SMEs	$

E&S Category Rationale / Risks and Mitigation

The Project is an unfunded guarantee facility with Ipak Yuli Bank to support lending to micro, small and medium sized enterprises (MSMEs), including women-owned MSMEs (WMSMEs). This Project has been categorized as FI-2 in accordance with IFC’s Environmental and Social Sustainability Policy. The sectors financed in Ipak Yuli Bank’s MSME portfolio include wholesale and retail trade, services, manufacturing, transportation and storage, agriculture and construction. These sectors generally present low to medium E&S risks, typically related to labor and working conditions, occupational health and safety, pollution and emissions, and waste and wastewater management, among others. The Project will not support coal-related activities and higher E&S risk business activities that 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. The applicable E&S requirements will be the IFC Exclusion List, E&S laws and regulations in Uzbekistan and any other requirements established by the Bank’s E&S Management System. The Bank will ensure compliance with IFC Performance Standard 2 on Labor and Working conditions and Life and Fire Safety requirements. Additionally, the Bank will strengthen its worker grievance mechanism and enhance its anti-harassment policy.

Ipak Yuli Bank has a satisfactory Environmental and Social Management System (ESMS) supported by qualified E&S staff. The ESMS includes an E&S policy, roles and responsibilities for ESMS implementation, E&S risk categorization, screening against the Exclusion List, E&S due diligence process, conditions of investment and disbursement, monitoring and reporting procedures and an external grievance mechanism. Regular E&S training is conducted for the E&S team and loan officers, who are responsible for E&S due diligence on SME transactions. As part of this Project, the Bank will enhance the quality of E&S due diligence, establish a process for enhanced oversight by the E&S team over SME transactions, screen out higher E&S risk transactions, and incorporate solar supply chain screening in the E&S due diligence process for applicable transactions.

S.no	Title	Anticipated Completion Date
1	ESMS enhanced	06/30/2026
2	ESDD quality improved	12/31/2026
3	Anti-harassment policy enhanced	09/30/2026
4	HR policies enhanced	12/31/2026

Contacts

For Inquiries About the Project, Contact

Ipak Yuli Bank
Azizbek Mannopov
Head of division for cooperation with IFIs

a.mannopov@ipakyulibank.uz
Uzbekistan, Tashkent, 100017, st. A.Kadiri, 2
https://en.ipakyulibank.uz/physical

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