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IFC helps Hamkorbank manage currency risk and expand local currency lending

IFC is helping Hamkorbank arrange forex chance and amplify native forex lending

Apr 11, 2018
Uzbek Information Bulletin


Tashkent (Uzbekistan): IFC, a member of the Global Financial institution Staff, has signed a landmark switch settlement with Hamkorbank, the most important non-public financial institution in Uzbekistan, to amplify native forex lending to micro, small and medium enterprises, key to forcing financial expansion within the nation.

Beneath the settlement, IFC will hedge Hamkorbank’s forex publicity for as much as US$40 million—the primary world monetary establishment to offer such hedging tools in Uzbekistan. The transaction will permit Hamkorbank to higher arrange its property and liabilities amid scarce hedging alternatives. When companies borrow within the forex in their income, they may be able to steer clear of foreign currency chance and concentrate on increasing and developing jobs.

“The transaction is essential for Hamkorbank as it’ll fortify our talent to lend to consumers in native forex, whilst successfully managing our forex chance publicity and lowering the credit score chance of the mortgage portfolio,” stated Ikram Ibragimov, Chairman of the Supervisory Board of Hamkorbank. “We’re overjoyed to be the primary financial institution in Uzbekistan receiving get admission to to IFC’s chance control tools.”

ifc helps hamkorbank manage currency risk and expand local currency lending - IFC helps Hamkorbank manage currency risk and expand local currency lending

IFC Vice President and Treasurer Jingdong Hua reaffirmed IFC’s dedication to Uzbekistan’s non-public sector throughout a consult with to the rustic, the place he emphasised the want to give a boost to native capital markets for financial expansion.

“Lengthy-term native forex financing is an impressive device to amplify get admission to to credit score for agencies in infrastructure, production, agribusiness and social sector, as smartly for small and medium enterprises—all of which depend on native forex revenues,” he stated. “This vital settlement displays IFC’s dedication to amplify get admission to to finance for native marketers thru capital marketplace inventions.”

For the reason that inception of the native forex lending program within the early 2000s, IFC has prolonged greater than $16 billion in financing to its purchasers globally, in additional than 50 currencies together with the Chinese language renminbi, Brazilian actual, South African rand, Turkish lira, Kazakh tenge, Tajik somoni, Armenian dram, Azerbaijani manat, Georgian lari, and Russian ruble.

IFC has equipped Hamkorbank with greater than $20 million in debt, fairness and industry finance since 2001. IFC has additionally helped the financial institution expand prudent chance control practices, construct capability to finance agri-businesses, and introduce world absolute best practices in numerous spaces, together with company governance, SME banking, HR control, asset and legal responsibility control (ALM) and treasury, interior regulate and audit, tracking, department control, and control data techniques.

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