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In August 2023, OeEB signed its first Eurobond investment in the amount of USD 25 million (total amount USD 100 million). The issuer of the bond is Uzbek JSCB Uzpromstroybank. Alongside OeEB, IFC, DEG and AIIB participated in the private placement of the bond. The funds are primarily intended to support the expansion of the bank's climate-related financing in the private sector.
| Project name | JSCB Uzpromstroybank |
| Region | Central Asia |
| Sector | Financial sector / Microfinance / SME |
| Service | Investment finance |
| Project Country | Uzbekistan |
| OeEB project volume | USD 25 million |
| International climate finance according to UNFCCC | Partially |
| Additionality | Financial additionality |
| Projekt partner(s) | IFC, DEG, AIIB |
JSCB Uzpromstroybank was founded in Tashkent in 1922 and is one of the oldest state-owned financial institutions in the Republic of Uzbekistan. It is currently the second largest bank in Uzbekistan with a market share of 12%. With the help of IFC and EBRD, the bank is preparing for privatisation which is in line with government strategy.
The project makes a primary contribution to SDG 13 "Climate action" and SDG 9 "Industry, innovation and infrastructure". Likewise, a secondary contribution will be made to SDG 8 "Decent work and economic growth". A key part of the transaction is the improvement of the Bank's environmental and social management system, which will be defined and implemented by DEG's and OeEB's E&S specialists together with Uzpromstroybank.
Furthermore, at least 75% of OeEB's loan funds are climate-creditable and will be invested primarily in energy efficiency measures. In addition, OeEB will use the financing to support the expansion of Uzpromstroybank's business activities in the SME segment and in particular the financing of women-owned businesses.