UzPSB Debt

active

The proposed project with Joint-stock Commercial Bank “Uzpromstroybank” (“UzPSB” or the “Bank”) comprises a senior loan of up to US$75 million with a conversion option into ordinary shares of the Bank, and a trade finance line of up to US$20 million. The Bank is the oldest and second largest in Uzbekistan with a market share of approximately 15% by assets. UzPSB provides banking services and financing to core industrial corporates and their large investment projects in the petrochemical, biochemical, oil and gas, mining, energy, light industry, construction, engineering and transport sectors. It also services SMEs and provides a broad range of retail banking services.The proposed project represents a part of the large upstream engagement between the Government of Uzbekistan and the World Bank Group. The engagement commenced in July 2019 from the extensive advisory support to UzPSB and aims at helping UzPSB in transformation of its corporate governance, risk management and operations in anticipation of the Bank’s eventual privatization.UzPSB has established relations with multiple foreign export-import banks, development finance institutions, and commercial and investment banks. The Bank has international credit ratings of BB- by both S&P and Fitch. In November 2019, UzPSB issued the first corporate eurobond among the Uzbekistan-based companies. The 5-year bond of US$300 million is listed on the London Stock Exchange.