GSS Bonds

Symbiotics launches USD 10 million Social Bond with Hamkorbank from Uzbekistan

January 13, 2022

Symbiotics, the leading market access platform for impact investing, has arranged a USD 10 million Social Bond for Hamkorbank.

Founded in 1991 by local entrepreneurs, Hamkorbank’s mission is to provide high-quality services via its technologically advanced banking products and over 200 service points located across the country. Hamkorbank is a full service bank, whereby micro-enterprise and SME loans are two core customer pillars in its strategy to support economic growth and employment generation within Uzbekistan.

The proceeds of this Social Bond are to be allocated towards both micro loans up to USD 10,000 to microenterprises and SME loans up to USD 1 million to small and medium enterprises. Hamkorbank’s focus is on generating employment, financial inclusion and improving the general funding available to this market. The Social Bond issuance and the eligible assets to be financed are in full compliance with the International Capital Market Association (ICMA) Social Bond Principles.

This Social Bond showcases Hamkorbank’s commitment to support small and medium-sized businesses, micro-firms, as well as entrepreneurs and contributes to inclusive growth in Uzbekistan. Expanding the partnership with the private bank having the largest loan portfolio in Uzbekistan fulfills our mission to foster sustainable development in emerging countries, and I look forward to our prolonged collaboration in supporting job creation and contribution to the Sustainable Development Goals (SDGs).”, said Daniel Schriber, Head of Investments at Symbiotics.

We have been working closely with Symbiotics since 2015. Over the past period, more than 10 loan agreements have been signed and successfully implemented to finance micro and SME projects. In addition to attracting senior loans, Symbiotics provided a subordinated debt of USD 5 million. In November 2021, a USD 10 million Social Bond has been provided in order to finance micro and SME projects. We believe this Social Bond will help reduce poverty, create job opportunities and ensure economic growth in Uzbekistan. Symbiotics is one of the long-term strategic partners of Hamkorbank, and our partnership is strengthening year by year.”, added Bakhtiyorjon Juraev, CEO of the JSCB Hamkorbank.

The following SDGs are promoted with this Social Bond issuance:

This Social Bond is issued via Symbiotics sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, which was certified in December 2019 and November 2021 by DNV GL. The bond is listed on the Securities Official List of the Luxembourg Stock Exchange and displayed on the Luxembourg Green Exchange, in the Social Bond section. The proceeds are to be fully used towards a 3-year tenor, senior unsecured loan facility to Hamkorbank.

Link to: Sustainable Bond Framework for Symbiotics


About Symbiotics
Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 5,000 deals for over 490 companies in almost 90 emerging and frontier markets representing more than USD 7.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions.

About Hamkorbank
Joint Stock Commercial Bank with Foreign Capital, “Hamkorbank”, has been operating at the market of banking services in the Republic of Uzbekistan since 1991. Initially, having commenced its operations in Andijan city, over 30 years the Bank has developed the expanded branch network, covering all administrative regions of the Republic of Uzbekistan. At present the Bank has 200 service outlets, out of them 47 branches.The Bank also organized the activities of 5 subsidiary companies.JSCB Hamkorbank provides services for the wide range of customers, offering over 50 types of financial services. The expanded service network promotes the Bank to become even more attractive and accessible to the customers. The customers of the Bank are legal entities, including big companies, small and medium-sized business, micro-firms as well as individual entrepreneurs and individuals.


For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics

Aleksandr Khan, International Financial Institutions Division, JSCB “Hamkorbank” Uzbekistan