International credit lines - JSCB «Turonbank»

About loan

I. Credit line for the project "Modernization of Agriculture of the Republic of Uzbekistan" with the participation of the International Bank for Reconstruction and Development and the International Development Association

Amount of attracted credit line	30 million US dollars
Financing objectives	It will be aimed at supporting expanded access to financial services for agro-industrial clusters and effective cooperation. Acceptable investments primarily include: intensive orchards, energy-efficient irrigation systems, solar water heating systems, and water lifts; processing and storage of fruit and vegetable products; production of fruit and vegetable packaging containers; acquisition of auto-refrigerators; financing climate-resilient infrastructure and value chains (financing working capital within enterprises in the supply chain); establishing long-term intensive orchards and vineyards instead of some lands where one-year cotton and grain are grown; and other investments.
Minimum and maximum amount of credit allocated for each project	Credit for agricultural cooperatives in the fruit and vegetable industry: up to 1,000,000.0 USD US dollars for investment projects; up to 250,000.0 USD US dollars to replenish working capital. Credit for effective cooperation and clusters: the maximum total amount of all sub-loans (credit limit) up to 8,000,000 US dollars to finance the full value chain (production, processing and/or storage, sale) in the fruit and vegetable sector; the amount of financing for one value chain up to 2,000,000 US dollars; up to 250,000.0 USD US dollars to replenish working capital.
Financing terms	up to 10 years with a 3-year grace period
Interest rate amount	In US dollars: SOFR + floating spread + Ministry of Economy and Finance margin 1% + bank margin 3% = 12%; In national currency: 18%;
Special conditions	Territories of the republic
Types of provision	pledge of property and securities; guarantee of a commercial bank or insurance company; third-party suretyship; a guarantee from the State Fund for Support of Entrepreneurship Development; an insurance policy regarding the borrower's insurance of the risk of non-return of the received loan in favor of a commercial bank; other types of security provided for by legislation.

II. Credit line for the project "Development of the livestock sector (Phase 2) " (9509-UZ and 7295-UZ) with the participation of the International Development Association and the International Bank for Reconstruction and Development

Amount of attracted credit line	15 million US dollars
Financing objectives	It supports expanding access to financial services for enterprises engaged in and planning to engage in agriculture, livestock products, dairy, meat products and their processing, food processing (leather, leather, wool, intestines), small-scale production, veterinary services, livestock activities, as well as for climate-adapted, climate-resilient livestock breeders interested in the production and processing of livestock products. The project finances only those investments that increase enterprise resilience and benefit from climate change.
Minimum and maximum amount of credit allocated for each project	The total amount of all sub-credits provided to the sole borrower under the credit line shall not exceed 3,000,000 US dollars, and the amount of sub-credit for replenishing working capital shall not exceed the equivalent of 250,000 US dollars. The credit line has 3 windows: 1-window (60.0 million US dollars) - sub-loans up to 3,000,000 US dollars are allocated to support livestock clusters (large livestock enterprises); 2-window (50.0 million US dollars) - up to 1,000,000 US dollars in loans are allocated to farms, agricultural enterprises, production cooperatives, and other participants in the value chain; 3-window (50.0 million US dollars) - loans up to 100,000 US dollars will be allocated to small farms and dekhkan farms based on even simpler procedures.
Financing terms	The starting rate for the repaid and outstanding portion of the subsidy loan from IBRD funds in US dollars (SOFR + floating spread + 1% margin from the Ministry of Economy and Finance + 5% bank margin). The initial rate for the repaid and unrepaid portion of the subsidized loan from IDA funds in US dollars (1.25% + variable spread + Economy and Finance Ministry margin of 1% and service fee of 0.75% + variable spread) + bank margin of 5%. Part of the subsidy loan in national currency for the IBRD and IDA interest rate Central Bank main rate + 4%.
Interest rate amount	In US dollars: SOFR + floating spread + Ministry of Economy and Finance margin 1% + bank margin 3% = 12%; In national currency: 18%;
Special conditions	Territories of the republic
Types of provision	A pledge of the purchased equipment in an amount up to 50% of the purchase price; Guarantee of the State Fund for Support of Entrepreneurship in the amount of up to 50% of the loan amount. Liquid assets

III. "Rural Entrepreneurship Development-2 Phase" credit line with the participation of the International Bank for Reconstruction and Development

Financing objectives	It supports expanding access to financial services for enterprises operating in agriculture, food processing, small-scale manufacturing, textiles/clothing, handicrafts, rural services, and tourism.
Minimum and maximum amount of credit allocated for each project	Up to 500.0 thousand US dollars in equivalent for the acquisition of fixed assets; Working capital in the equivalent of up to 125.0 thousand US dollars; (for individual entrepreneurs - up to an amount not exceeding the equivalent of 3,000 (three thousand) BCA).
Financing terms	For the acquisition of a fixed asset for a term of up to 84 months; For working capital for a term of up to 24 months.
Interest rate amount	National currency (in soums) 21% (twenty-one) per annum; Foreign currency (in US dollars) 12% per annum (twelve).
Special conditions	Territories of the republic
Types of provision	pledge of property and securities; guarantee of a commercial bank or insurance company; third-party suretyship; a guarantee from the State Fund for Support of Entrepreneurship Development; an insurance policy regarding the borrower's insurance of the risk of non-return of the received loan in favor of a commercial bank; other types of security provided for by legislation.

IV. Credit line "Development of Value Chain Creation in the Fruit and Vegetable Industry" with the participation of the Japan International Cooperation Agency (JICA) UZB-P-F-1 (Phase 2)

Amount of attracted credit line	7 million US dollars
Financing objectives	Credit funds are allocated to project initiators for projects in the fruit and vegetable sector of the agricultural sector, the creation of capacities for production, packaging, processing, shock freezing of products, logistics (including the purchase of freight vehicles), and others, the food industry, as well as for working capital.
Minimum and maximum amount of credit allocated for each project	Up to 3,000,000 US dollars.
Financing terms	For a term of up to 180 months with a 60-month grace period for investment projects; For a term of up to 24 months with a 12-month grace period for replenishing working capital (not exceeding 20% of the total sub-project amount).
Interest rate amount	In the amount of the Central Bank's main rate
Special conditions	According to ADB requirements, 30% of the jobs created must be women.
Types of provision	A pledge of the purchased equipment in an amount up to 50% of the purchase price; Guarantee from the State Fund for Support of Entrepreneurship in the amount of up to 50% of the loan amount; Liquid assets.

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Required documents

guarantee application;
constituent documents of the client receiving the guarantee letter (decision on the consent of the founder, Charter, order to the director).
business plan, including the entire period of guarantee use, indicating an analysis of the cash flow;
the accounting balance for the last reporting period submitted to the relevant tax inspection (Form No. 1), the financial results report (Form No. 2), as well as reconciliation reports for debts exceeding 90 days;
audit report based on the results of the last financial year;
Guarantee letter security documents (provided security must cover 125 percent of the guarantee amount) (liquid property or securities, cash collateral, insurance policy for the risk of the principal's failure to fulfill obligations under the guarantee);
Other necessary documents for the guarantee letter.

Requirements

Security