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Overview

ICBC Standard Bank PLC provides $100 million loan to Uzbek Industrial and Construction Bank for various purposes

Commitments (Constant USD, 2023)$103,173,382
Commitment Year•2020Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanOverseas Jurisdiction•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 9, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • ICBC Standard Bank PLC

Receiving agencies

State-owned Banks

  • Joint-Stock Commercial Bank "Uzbek Industrial and Construction Bank" (JSCB Uzpromstroybank) (UzPSB)

Implementing agencies

State-owned Banks

  • Joint-Stock Commercial Bank "Uzbek Industrial and Construction Bank" (JSCB Uzpromstroybank) (UzPSB)

Loan description

ICBC Standard Bank PLC provides $100 million loan to Uzbek Industrial and Construction Bank for various purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On March 9, 2020, Uzbek Industrial and Construction Bank (also known as Sanoat Qurilish Bank or SQB or Uzsanoatkurilishbank or Uzpromstroybank) announced that it had signed a $100 million loan agreement with ICBC Standard Bank PLC. The borrowing terms of the loan are unknown. However, it is known that the borrower was expected to use the proceeds of the loan to on-lend to small and medium-sized enterprises, acquire modern equipment, update production processes, and replenishing the raw material base of business entities.

Staff comments

1. Uzbek Industrial and Construction Bank (Sanoat Qurilish Bank SQB) is a majority state-owned universal commercial bank in Uzbekistan, which carries out all kinds of banking operations represented in the financial services market including servicing of private and corporate clients. Its principal activities are commercial and retail banking operations, transactions with foreign currencies, the origination of loans, issuance of guarantees, and letters of credit. 2. ICBC Standard Bank PLC is partially owned by the Industrial and Commercial Bank of China (ICBC).