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| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. |
Summary of Project Information (SPI) |
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| Project number | 10355 |
| Project name | Uzbekistan Leasing 2 |
| Country | Uzbekistan |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Uzbek Leasing International A.O. |
| Environmental category | FI |
| Date SPI disclosed | August 22, 2001 |
| Projected board date | September 21, 2001 |
| Status | Completed |
| Previous Events | Invested: April 25, 2003
Signed: December 30, 2002
Approved: October 18, 2002 |
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| Project sponsor and major shareholders of project company |
The project foreign sponsor and technical partner is Malayan Banking Berhad, a large Malaysian financial conglomerate. The local sponsor is the National Bank for Foreign Economic Activity of Uzbekistan, which is owned by the Ministry of Finance and is the country's largest bank. Uzbek Leasing International A.O. (the company) shareholding structure is as follows:
- Malayan Banking Berhad - 35%
- National Bank for Foreign Economic Activity of Uzbekistan - 35%
- EBRD - 15% and IFC - 15% |
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| Total project cost and proposed IFC investment |
| The total project size is estimated at US$8.5 million. IFC's proposed investment is a loan of US$2.5 million for IFC's own account. |
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| Location of project and description of site |
| The company is a one-office operation located in the city of Tashkent, Uzbekistan. |
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| Description of company and purpose of project |
Established in 1996 with a share capital of US$4 million, the company is an existing IFC client which provides medium term financial leases for industrial equipment and machinery. Without access to additional financing the company will not be able to grow its portfolio, which could threaten its sustainability. The proposed project will address Uzbek Leasing International A.O. funding needs.
The company's clients are small and medium size private enterprises, the growth of which is critical for the development of Uzbekistan's economy. Without access to term finance, these companies are unable to implement investment plans and modernize existing facilities. The project will address the scarcity of term financing available to fund imported production equipment in Uzbekistan. In addition to the provision of funding, otherwise unavailable to the company, IFC's role in this project is to provide comfort to other shareholders. |
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| Environmental and social issues - Category FI |
This is a Category FI Type 1 project according to IFC’s environmental and social review procedure, requiring that the Company operates an environmental management system (EMS) designed to ensure that leased assets comply with host country environmental, health and safety requirements. These requirements already form part of the operating framework of the Company as a result of IFC’s earlier equity investment. The Company has established an acceptable EMS and provides annual environmental reports. Based on the available information, the Company currently complies with the relevant environmental requirements and no further environmental appraisal is necessary.
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| To contact the project company, please write to: |
Bakhodir Youldashev, CEO
Uzbek Leasing International A.O.
International Banking and Finance Center
6th floor, 1, Turab Tula Str.
700003 Tashkent
Uzbekistan |
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