Uzbekistan Financial Sector Reform Project

Abstract*

The proposed project is consistent with the recently completed Country Partnership Framework for FY 2016-2020 (revised and extended through the 2018 Performance and Learning Review), the Uzbekistan Second Systematic Country Diagnostic—specifically on improving allocation of finance—and is expected to remain closely aligned with the upcoming CPF 2022-2026, specifically its Objective 1.3 on Enhancing the Productive Contribution of Land and Capital to... Show More

Development Objective

The project development objective is to support the authorities in restructuring and/or privatizing state-owned banks, increasing financial resilience to disasters, and expanding finance for exporting MSMEs.

Key Details

Project Details

Project ID
P173619
Status
Active
Team Leader
Valeriya Goffe , Martin Melecky, Davit Babasyan
Borrower 2
Ministry of Economy and Finance

Country
Uzbekistan
Disclosure Date
December 18, 2020
Approval Date
(as of board presentation)
May 24, 2022
Effective Date
November 24, 2023

Total Project Cost 1
US$ 15.00 million
Implementing Agency
Ministry of Economy and Finance,Agency for Strategic Reforms under the President of the Republic of Uzbekistan
Region
Europe and Central Asia
Fiscal Year 3
2022

Commitment Amount
US$ 15.00 million
Environmental Category
N/A
Last Update Date
February 29, 2024
Closing Date
June 30, 2027

Consultant Services required
TBD
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Environment and Natural Resource Management

FY17 - Climate change18%
- FY17 - Adaptation16%
- FY17 - Mitigation2%

FY17 - Finance

FY17 - Finance for Development39%
- FY17 - Disaster Risk Finance39%
FY17 - Financial Infrastructure and Access10%
- FY17 - MSME Finance10%
FY17 - Financial Stability57%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring57%

FY17 - Human Development and Gender

FY17 - Labor Market Policy and Programs19%
- FY17 - Skills Development19%

FY17 - Private Sector Development

FY17 - ICT35%
- FY17 - ICT Solutions35%

FY17 - Public Sector Management

FY17 - Public Administration20%
- FY17 - State-owned Enterprise Reform and Privatization20%

FY17 - Urban and Rural Development

FY17 - Disaster Risk Management9%
- FY17 - Flood and Drought Risk Management9%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	15.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	15.00
IBRD + IDA Commitment	15.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	15.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
May 24, 2022	IDA-71150	Loan Commitment	15,000,000.00
Apr 19, 2024	IDA-71150	Loan Disb	150,000.00
Aug 15, 2024	IDA-71150	Int Charges	652.50
Aug 15, 2024	IDA-71150	Int Charges	633.17
Aug 15, 2024	IDA-71150	Int Charges	633.17

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Procurement	Moderately Satisfactory	2024-09-30
Progress towards achievement of PDO	Moderately Satisfactory	2024-09-30
Project Management	Moderately Satisfactory	2024-09-30
Financial Management	Moderately Satisfactory	2024-09-30
Monitoring and Evaluation	Moderately Satisfactory	2024-09-30
Overall Implementation Progress (IP)	Moderately Unsatisfactory	2024-09-30

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of SOCBs privatized (with more than 50% of shares divested) Value 0.00 2.00 5.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment

Government's funding gap regarding disaster risk financing reduced according to the adopted disaster risk financing strategy thanksto newly introduced policies/instrument(s)	Value	100% funding gap	100% funding gap	Funding gap reduced per risk appetite reflected in
	Date	December 31, 2021	July 31, 2023	June 30, 2027
	Comment

Number of SOCBs slated to remain in state ownership, in which majority of Board members—including Board Chairman—are independent	Value	0	0	All SOCBs slated to remain in public ownership.
	Date	December 31, 2021	July 31, 2023	June 30, 2027
	Comment

Beneficiaries reached with financial services Value 0.00 0.00 2000.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Businesses that benefited from financial services Value 0.00 0.00 2000.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of Trainers Trained by the Banking and Finance Academy Value 0.00 0.00 70.00
Date December 31, 2021 July 31, 2023 December 31, 2027
Comment
IMDA insurance supervision staff trained Value 0.00 0.00 60.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment

Number of SOCBs where majority members of the Executive Management have completed the executive training	Value	0	0	All SOCBs slated to remain in public ownership.
	Date	December 31, 2021	July 31, 2023	June 30, 2027
	Comment

Number of SOCBs formally offered for privatization Value 0.00 2.00 7.00
Date December 31, 2021 July 31, 2023 December 31, 2027
Comment
Number of SOCBs slated to remain under public ownership and have met the majority transformation KPIs and targets set by the MOF Value 0.00 0.00 4.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Share of SOCBs with at least 15 percent of women on the Board Value 17.00 25.00 50.00
Date December 31, 2021 February 1, 2023 June 30, 2027
Comment
Share of SOCBs with at least 15 percent of women on the Executive Management Value 17.00 17.00 50.00
Date December 31, 2021 February 1, 2023 June 30, 2027
Comment
Share of preferential loans in total credit portfolio of SOCBS Value 44.00 40.00 24.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Overall satisfaction with citizen engagement process Value 0.00 0.00 70.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Number of new or improved export and trade financing instruments operationalized Value 0 0 3
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Disaster Risk Financing strategy adopted Value No No Yes
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
MOF Banking Reform Department adequately staffed Value 5.00 7.00 11.00
Date December 31, 2021 February 1, 2023 June 30, 2027
Comment
Development Bank of Uzbekistan established Value No No Yes
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
A feasibility study to identify DRF instruments is developed Value No No Yes
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment

MOF Banking Reform department's core policies and regulations adopted	Value	- MOF Banking Reform department's core policies an	Not adopted and published	- MOF Banking Reform department's core policies an
	Date	December 31, 2021	July 31, 2023	June 30, 2027
	Comment

A risk financing instrument, such as a reserve fund or centralized insurance pool established Value No No Yes
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
MOF Banking Reform Department staff trained Value 0.00 0.00 11.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Share of women in executive management of a reserve fund or centralized insurance pool Value 0.00 0.00 25.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Specialists trained by the Banking and Finance Academy Value 0.00 0.00 1500.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Risk Based Supervisory Framework for non-life insurance sector has been adopted Value No No Yes
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Share of female specialists trained by the Banking and Finance Academy Value 0.00 0.00 50.00
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment
Improved regulation on solvency regime for life and non-life insurance companies adopted Value No No Yes
Date December 31, 2021 July 31, 2023 June 30, 2027
Comment

Number of SOCBs privatized (with more than 50% of shares divested)	Value	0.00	2.00	5.00
	Date	December 31, 2021	July 31, 2023	June 30, 2027
	Comment

Share of SOCBs with at least 15 percent of women on the Board	Value	17.00	25.00	50.00
	Date	December 31, 2021	February 1, 2023	June 30, 2027
	Comment

Share of preferential loans in total credit portfolio of SOCBS	Value	44.00	40.00	24.00
	Date	December 31, 2021	July 31, 2023	June 30, 2027
	Comment

Uzbekistan Financial Sector Reform Project

Abstract*

Development Objective

Key Details

Project Details

Sectors

Themes

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Project Map

Finances

Financing Plan (US$ Millions)

Total Project Financing (US$ Millions)

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

Detailed Financial Activity as of February 28, 2025

Ratings

IMPLEMENTATION RATINGS

COMPLETION RATINGS

INDEPENDENT EVALUATION RATINGS

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INTERMEDIATE RESULTS INDICATORS