National Bank of Uzbekistan Credit Line

completed

Summary Of Project Information (SPI)Project Name:Uzbekistan: NBU SME Credit LineRegion:Central Asia, Middle East and North AfricaSector:Project No:008700Projected Board Date:May 28, 1999Company Name:National Bank of UzbekistanTechnical Partner and/or Major ShareholdersNational Bank of Uzbekistan is a state owned bank that is 100% owned by the Ministry of Finance. The Government has announced plans to privatize this institution.Project Cost Including proposed IFC investment A loan: US$15 million Location of project and Description of site UzbekistanDescription of Company and Purpose of Project National Bank of Uzbekistan (NBU) was created in 1991 as a result of the restructuring of the former Soviet Bank for Foreign Economic Activity. NBU is the best capitalized bank in the country and the largest bank in terms of banking assets and deposits. The project seeks to address the scarcity of term finance available in Uzbekistan, especially to recently privatized or newly created private sector small and medium-sized enterprises (SMEs). The 8-year facility would be used by the Banks to provide long-term project finance to SMEs.Environmental Category and Issues This is a Financial Intermediary (FI) Type 2 project according to IFC''s environmental review procedure. NBU must require all subprojects to be carried out and operated in compliance with applicable host country environmental, health and safety requirements. In addition, subprojects whose total project cost is less than US$500,000 must be consistent with IFC''s Microfinance Exclusion List. Subprojects whose total project cost is US$500,000 or greater must be carried out in accordance with IFC environmental and social safeguard policies, be consistent with IFC''s Exclusion List, and meet the host country requirements. NBU must obtain IFC clearance prior to making any investment with IFC funds in any Category A project. NBU must participate in environmental training, develop an environmental management system and provide an annual environmental performance report.Date SPI sent to InfoShop: April 15, 1999“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384