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I PKF MAK ALYANS LLC
PK7
Accountants &
business advisors
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I WORLD BANK
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
(PROJECT COORD|NAT|oN UN|T)
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
(PROJECT EXECUT|NG AGENCY)
INTERNATIONAL DEVELOPMENT ASSoctATtoN cREDtr No.5241-uZ
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LOAN NO.882tsUZ
SPECIAL.PURPOSE CASH.BASIS FINANCIAL STATEMENTS AND STATEMENT
OF EXPENDITURES
FOR THE YEAR ENDED DECEMBER 31,2022
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t MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
I PROJECT COORDINATION UNIT
TABLE OF CONTENTS
I Page
I STATEMENT OF MANAGEMENT'S RESPONSIBILITIES
FOR THE PREPARATION AND APPROVAL OF THE SPECIAL-PURPOSE
I FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2022
I INDEPENDENT AUDITORS' REPORT
SPECIAL- PURPOSE CASH - BASIS FINANCIAL STATEMENTS
t FOR THE YEAR ENDED DECEMBER31.2022:
I Special-Purpose Statements of Cash Receipts and Payments
Statements of Financial Position
6-10
11-13
t Statements of Costs by Types
Statements of Cash Balances
14-16
17-28
I Statement of Expenditure Withdrawal Schedule 29
I Notes to Special-Purpose Cash-Basis Financial Statements 32-38
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I MINISTRY OF ECONOMYAND F]NANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
I PROJECT COORDINATION UNIT
STATEMENT OF MANAGEMENT'S RESPONS|B|L|T|ES FOR THF PREPARAT|ON AND APPRoVAL OF THE
SPECIAL.PURPOSE CASH.BASIS FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER2022
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I year ended
posi
the financial
31
as of31 Decem
in compliance
Reporting under
I Accounting" (he
ln preparing the Financial statements, the management of the PEA is responsible for:
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Selecting suitable accounting policies and applying them consistently;
Presenting information, including accounting policies, in a manner that provides relevant, reliable,
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comparable, and understandable information;
Providing additional disclosures when compliance with the specific requirements in IPSAS-Cash Basis are
insufficient to enable users to understand the impact of particular transactions, other events, and conditions on
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the Project's Financial Statements.
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The Management of the PEA is also responsible for:
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r- ' Designing, implementing and maintaining an effective and sound system of intemal controls, throughout the
Project implementation;
I ' Maintaining adequate accounting records that are sufficient to show and explain the Project's transactions and
I disclose with reasonable accuracy at any time the fund balance of the Project, and which enable them to ensure
that the Financial Statements of the Project comply with specific requirements in IPSAS-Cash Basis;
' Maintaining statutory accounting records in compliance with legislation of the Republic of Uzbekistan;
I '. Taking such steps as are reasonably available to them to safeguard the assets of the Project; and
Preventing and detecting fraud and other irregularities,
t The Financial Statements-of the Project for the year ended 31 December 2022were authorized for issue by the PEA's
Management on May 31,2023.
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I Financial Management
Specialist of PCU
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PKF MAK ALYANS LLC
PKr
Accountants &
business advisors
INDEPENDENT AUDITOR'S REPORT
I TO THE M/N/SIRY OF ECONOMY AND FINANCE OF UZBEKISTAN
0pinion
I We have audited the Special-Purpose Cash-Basis Financial Statements (hereinafter the "SPFS") of "Energy -
Efficiency Facility for Industrial Enterprises Project" (hereinafter - the "Project") flnanced from Credit facilities of the
Intemational Development Association (Credit No. 5241-UZ) and Loan of the Intemational Bank for Reconstruction and
Development (Loan N0.8826-UZ) and, which comprise the special-purpose statement of cash receipt and payments
for the year ended 31 December 2022, the statement of expenditures (hereinafter - the "SOE"), and a summary of
significant accounting policies and other explanatory notes.
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The SPFS have been prepared by the Project Coordination Unit (hereinafter "PCU") under the Project Executing
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Agency (hereinafter "PEA") the Ministry of Economy and Finance of Uzbekistan using the International Public
Sector Accounting Standards "Financial Reporting under the Cash Basis of Accounting" (hereinafter - "IPSAS - Cash
Basis").
In our opinion,
l. The accompanying Special-Purpose Cash-Basis Financial Statements, in all material respects, give a true and fair
view of the Financial Position of the Project as of 31 December 2022, as well as Sources and Uses of Funds for the
period then ended, in all aspects comply with the conditions of the Financing and Loan Agreements and in
accordance with International Public Sector Accounting Standard "Financial Reporting under the Cash Basis of
Accounting";
ll. Moreover, (a) with respect to the SOE for the year ended 31 December 2022 adequate supporting documents,
records and accounts have been maintained to support claims to the IDA and IBRD for reimburcements of
expenditures incurred; and (b) the expenditures included in the withdrawal applications and reimbursed against are
eligible for financing under the Financing and Loan Agreements;
lll. The Project Designated Accounts Statement for the year ended 31 December 2022 giue a true and fair view of the
financial position of the DA of the Project and of the cash flow for the periods then ended.
Basis for Opinion
We conducted our audit in accordance with the Intemational Standards on Auditing (lSA), Our responsibilities under
those standards are further described in the Audifols Responsrbl/rfre s for the Audit of the Financialsfafements section
of our report, We are independent of the Project in accordance with the International Ethics Standards Board for
Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that
are relevant to our audit of the SPFS in the Republic of Uzbekistan and we have fulfilled our other responsibilities
under these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Emphasis of Matters
We draw your attention to the Note 2 to these Special-Purpose Financial Statements (SPFS), which describes the
basis of accounting, The statement is prepared to assist the PEA and PCU in complying with the requirements of the
Loan Agreement for preparation of the SPFS. As a result, the SPFS may not be suitable for another purpose. Our
report is intended solely for lDA, IBRD, PEA, PCU,and PlUs (Participating banks) and should not be distributed or used
by other pafties.
We draw your attention to the Note 6 to these SPFS, which describes the adjustment made of closing balance of the
PIU JSC "Uzpromstroybank" as at 31 December 2022with the impact to other statements of accompanied SPFS.
Our opinion is not modified in respect of this matter
Tel: +99871 294-7$86. Fax: 5 . K.uz. www.pK.com
PKF MAKALYANS LLC.22, . j Uzbekistan. 100016 ISO 9001:2015
PKF tt AKALYANS LLC is a memberfmofthe pKF Intemational Lim entfirmsand does notacceptany.€sponsititity
or liability for the actions or inactions of any indwidual member or cofies
No: Clt/lS{i85/G
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t Responsibilities of Management for the Special-Purpose Cash.Basis Financial Statements
The Management of the PEA is responsible for the preparation and fair presentation of these
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SpFS in accordance with
the IPSAS - Cash Basis and for such internal control as management determines is necessary to enable the
preparation of SPFS that are free from material misstatement, whether due
to fraud or error.
t Auditor's Responsibility for the Audit of the Speclal-Purpose Cash.Basis Financial Statements
Our objectives are to obtain reasonable assurance about whether the SPFS as a whole are free from
misstatement, whether due to fraud or error, and to issue an audito/s report that includes
material
t our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
always detect a material misstatement when it exists. Misstatements can arise from fraud
with ISA will
or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of
t userc taken on the basis of these SpFS.
As part of an audit in accordance with lSA, we exercise professional judgment and maintain professional
skepticism
t throughout the audit. We also:
' ldent
perform the SPFS, whether due to fraud or error, design and
ain audit evidence that is sufficient and appropiiate to
provide
t one res
ovenide of internal control.
terial misstatement resulting from fraud is hig'hei than for
rgery, intentional omissions, misrepresentations, or the
' Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
I appropriate in the circumstances, but not for the purpose of expressing an opinion on
internal control,
' Evalu_ate the appropriateness
thieffectiveness of the project's
of accounting policies used and the reasonableness of accounting estimates and
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related disclosures made by management.
' We conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related
disclosures in the financialstatements or, if such disclosuris are inadequate, to modify
ouropinion. Ourconclusions
are based on the audit evidence obtained up to the date of our audito/s report.
T ' Evaluate the overall presentation, structure and content of the SPFS, including the disclosures,
and whether the
financial statements represent the underlying transactions and events in a manner
that achieves fair presentation,
We communicate With regarding, among other mafters, the planned scope and timing
T findings, including any significant deficiencies in internal control that we identify durinj
of the audit and significant audit
our audit.
T ZW /14/fl2 4qa
Audit Organization "PKF MAKALYANS
22, Aviasozlar Street, 1st Passage
T I 0001 6, Tashkent, Uzbekistan
t 31May 2023
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MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
I STATEMENT OF CASH RECEIPTS AND PAYMENTS FOR YEAR ENDED DECEMBER31,2022
Amounts are presented in IJS Doilars
t IDA CREDTT (5241-UZl
UTtrNINL' FUNU tsALANgES
Budget
31.12.2022
Actual
31.12.202'l
Actual
Cumulative
Available
funds (%)
t USDDesignateO,qccffi
USD Designated Account of plU JSC "HamkorbanlC
usu uesignated Account plU of
,,UzDromstrovbank',
JSC
4 000 000
960 000
4 000 000
960 000
USD Designated Account of pCU
33220 21 944
T UZS Current Account of pCU
TOTAL
4
4 493224 498'.lgM 3,6%
T
USD Designated Account Advance
23175667
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Reimbursement by IDA
3 820 113
Co-financjng from the Bank (plU)
5749 447
Total 41 250 000 32 745 227 20.62%
rrqesumptemenauon unfi JSC "llamkorbank"
uou uuJtgilartsu AoL;ounI Aovance 973 603 31 682751
T Reimbursement by IDA
226 415
Co-financing from the Bank (plU)
1 90 000 7 819 125
I Total
rrcuecr rmpremeneuon untt J sC .,Uzpromstroybank',
USD Designated Account Advance
41 250 000 I 163 603 39 728 291
30 203220
3.69%
Reimbursement by IDA
2796780
Co-financing from the Bank (plU)
T I 982 597
Total 41 250 000 42 982 597 -4.2%
rt vtvca vugrgtnaugn u ntt
I USD Designated Account Advance
Direct payments
Total I000 000
47 119
47 119
81 210 485 000
56 341
81 210 541 341 45,87%
GMND TOTAL OF FUNDS RECEN/ED
I 124 750 000 12',t0722 81 210 115997456 7.02%
Subloans (41 250 000) (28745 2271
Total
T rrqecr tmptemenQllon unrt JUU -llamkorbank
(41 250 000)
Q8 745 227r 30.31%
Subloans (41 250 000) (950 000) (38 554 688)
Total (41 250 0001 (950 000) (38 554 688)
T rroleet tmptemenauon un,t Jsc,,Uzpromstroybank"
6.53%
Sub-loans (41 250 000) /429825971
Total (41 250 000) (42 982 597) -4.2%
T rr vIvl;a vsgrgtnaugn untt
Goods (50 000) (e5) (6 477\ 67.05T0
Consultant's services (133 000) (52 558) (49 937) (304 097) -128.64%
Capacity building in the sphere of enerqv efficiencv (240 000)
T Capacity building in the sphere of proiect rnanaqement
(66 283) 72,38T0
(220 000) (1 852) 99.16%
lmprovement of statistical reportinq capacity (180 000)
100.0%
I Audit
Operating Costs.
Total
(40 000)
(137 000)
(1 000 000)
(5 256)
(4 548\
(4 680)
(15 218\
(49 205)
(95 447)
-23.02%
30.33%
(72 362) (69 930) (533 360) 46.66%
GRAND TOTAL OF EXPENDITURE INEURRED (124 750 000) (
I 0223621 (69 e30) (110 8',t5 8721
'fo
11.170/o
be continued
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MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
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I ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
I STATEMENT OF CASH RECEIPTS AND PAYMENTS FOR YEAR ENDED DECEMBER3I,2022
Amounts are presented in US Dollars
I
I Continuation
31.',12.2022 31.'.t2.2021 Available
IDA CREDTT (5241.U21 Budget Cumulative
Actual Actual %
CLOSING FUND BALANCES
USD Desiqnated Account of PIU JSC "Asaka Bank" 4 000 000 4 000 000 4 000 000
USD Desiqnated Account of PIU JSC "Hamkorbank" 1 173 603 960 000 1 173 603
USD Desiqnated Account of PIU JSC "Uzpromstrovbank"
USD Desionated Account of PCU 7 764 33 220 7 764
UZS Cunent Account of PCU 217 4 217
TOT 5 181 584 4 493 224 5 181 584 4.15%
..*lRf O; F.^.
-"2't
FM Specialist of PCU
'7t,
N. Rakhmanova
PIU Manager
S. Zakirov PIU FM Specialist
Chief Executive Officer of JSC "Hamkorbank" Project Manager
Yu. Li
B. Juraev
Financier
A. Khan
Chief Director of financial resources manaoement Head of Green banking department
JSC "Uzpromstroybank" JSC "Uzpromstroyba
/'
B. Sultonmurodov F=- * -./
The Statement of Cash receipts and Payments, IDA Credit No.5241-rJZ to be read in conjunction wlh Nofes on pages 32 to 38 thereto
forming an integral part of the Special-Purpose Cash Basis Financiatsfafemenfs.
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF CASH RECEIPTS AND PAYMENTS FOR YEAR ENDED DECEMBER31,2022
Amounts are in US Dollars
Revised 31.12.2022 3't.12.2021 Available
|BRD LOAN (8826.U2) Cumulative
Budget Actual Actual funds (%)
OPENING FUND BALANCES
USD Designated Account of PIU JSC "Asaka Bank" 521 000 521 000
USD Designated Account of PIU JSC "Hamkorbank" 2 500 000 2 500 000
USD Desiqnated Account of PIU JSC "Uzoromstrovbank" 4 669 035 5 024920
USD Designated Acc-t of PIU JSC "National Bank of the RUI 5 000 000 5 000 000
USD Designated Account of PIU JSC "lnFinBank" 679 212 679 212
USD Designated Account of PIU JSC "Asia Alliance Bank" 100 549 778 850
USD Designated Account of PCU
UZS Current Account of PCU
TOTAL 13 469 796 4 503 982
1 6.73%
SOURCES 0F FUNDS: Funds Received
Project lmplementation Unit JSC "Asaka Bank'
USD Designated Account Advance 5 000 000
Direct Pavments
Reimbursementby IBRD
Co-flnancing from the Bank (PlU) 1 493 000
Total 5 000 000 6 493 000 -29.86%
Project Implementation Unit JSC "Hamkorbank,,
USD Designated Account Advance 6 740 708 7 947 703 22960 564
Direct Payments
Reimbursement bv IBRD
Co-financing from the Bank (PlU) 2246903 2649 235 6 921 854
Total 25 000 000 I 987 611 10 596 938 29 882 418 -19.53%
Project lmplementation Unit JSC "lJzpromstroybank,
USD Designated Account Advance 5 000 000 4 669 035 21 996 435
Direct Payments 24 602583
Reimbursement bv IBRD 20 950 000 20 950 000
Co-financing from the Bank (PlU) 5 498 470 844 347 19 377 749
Financed by PB, to be reimbursed bv IBRD 61 0 065
Total 95 000 000 31 448 470 5 513 382 87 536 831 7.86%
Proiect lnplementation Unit JSC 'National Bank for Foreign Economic Activity of the Repubtic of lJzbekistan,,
USD Designated Account Advance
5 000 000
KermDursement Dv IBRD
c;o+inancing from the Bank (PlU)
I otal 5 000 000 5 000 000 0.00%
Project lmplementation Unit JSC "lnFinBank"
USD Designated Account Advance 2 133 288 3 333 2BB
Direct Pavments
Reimbursement bv IBRD 2 175 772 2 175 772
Co-financing from the Bank (PlU) 1 545 410 1 730782
Total 12 000 000 5 854 470 7 239 842 39.67%
,.rolect tmptementation Unit JSC "Asia Alliance Bank
USD Designated Account Advance 2238 487 1 200 000 12 453 017
Qirect Payments
Reimbursement by IBRD
Co-financing from the Bank (PlU) 550 000 848 400 4 154748
Total 17 000 000 2 788 487 2 048 400 16 607 765 2.31%
Project lmplementation Unit JSC ,,Aloqa Bank,,
USD Designated Account Advance
Direct Pavments
Reimbursement by IBRD 15 262281 15 262281
Co-financing from the Bank (PlU) 8 075 000 I 8 075 000
I Otal 40 000 000 23337281 | 23 337 281 41.66%
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I MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
I STATEMENT OF CASH RECEIPTS AND PAYMENTS FOR YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
t rBRD LoAN (8826-UZ) Budget
3',t.12.2022
Actual
3',t.12.2021
Actual
Continuation
Cumulative
Available
funds (%)
I Project Coordination Unit
USD Desiqnated Account Advance
Total 1 000 000 100.0%
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GRAND TOTAL OF FUNDS RECEIVED 200 000 000 72 416 319 18 158720 176 097 134 11.95%
USES OF FUNDS: Expenditure Incurred
Proiect lmolementation Unit JSC "Asaka Bank"
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Sub-loans (5 000 000) (5 972 000)
Total (5 000 000) (5 972 000) -19.44%
Proiect lmolementation Unit JSC "Hamkorbank"
Sub-loans (25 000 000) (8 987 61 1) (10 596 937) Q7 382417\
I Total
Proiect lmplementation Unit J SC "Uzpromstroybank"
Sub-loans
(25 000 000)
(95 000 000)
$ 987 611)
(31 217 505)
flo 596 937)
(5 869 267)
(27 382 417)
(82 636 831 )
-9.53%
I 6 869 267)
Total (95 000 000) (31 217 505) (82 636 831) 13.01%
Proiect lmplementation Unit JSC "National Bank for Foreisn Economic Activity of the Republic of Uzbekistan"
Sub-loans (5 000 000)
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Total 000 000) 100.0%
Proiect lmplementation Unit JSC "lnFinBank"
Sub-loans (1 2 000 000) (6 356 991) 0 063 151)
Total fl2 000 000) rc 356 991) fl 063 151) 41.14%
I Proiect lmplementation Unit JSC "Asia Alliance Bank"
Sub-loans
Total
(17 000 000)
n7 000 000)
1 888 374)
fl 888 374)
Q726701]'
(2 726 701)
(15 607 103)
(15 607 103) 8,19%
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Proiect lmptementation Unit JSC "Aloqa Bank"
Sub-loans /40 000 000) (23 337 281) (23 337 281)
Total (40 000 000) (23 337 281) (23 337 281) 41.66%
Proiect Coordination Unit
t Total
GRAND TOTAL OF EXPENDITURE INCURRED
n 000 000)
(200 000 000) (71787 7611 (19 192 905) (161 998 782)
100.0%
19.00%
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CLOSING FUND BALANCES
USD Desiqnated Account of PIU JSC "Asaka Bank" 521 000 521 000 521 000
USD Desiqnated Account of PIU JSC "Hamkorbank" 2 500 000 2 500 000 2 500 000
USD Desiqnated Account of PIU JSC "Uzpromstroybank" 4 900 000 4 669 035 4 900 000
I USD Desiqnated Acc{ of PIU JSC "National Bank of the RUz"
USD Desiqnated Account of PIU JSC "lnFinBank"
USD Desiqnated Account of PIU JSC "Asia Alliance Bank"
v
5 000 000
176 691
1 000 662
,t
5 000 000
1
679 212
00 549
t
5 000 000
176691
1 000 662
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USD Desionated Account of PIU JSC "Alooa Bank"
USD Desiqnated Account of PCU
UZS Current Account of PCU
TOTAL 1 4 098 352 1 3 469 796 14 098 352 7.05%
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I FM Specialist of PCU
N. Rakhmanova
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I The Statement of Cash receipts and Payments, IBRD Loan No.8B26-UZ to be read in conjunction wifh Nofes on pages 32 to 38 thereto
forming an integral paft of the Special-Purpose Cash Basis FinancialSfafements.
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t MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
I ENERGY EFFICIENCYfACILITY FOR INDUSTRIAL ENTERPRISES
PROJECT COORDINATION UNIT
PROJECT
I STATEMENT OF CASH RECEIPTS AND PAYMENTS FOR YEAR
Amounts are presented in tJS Dottars
ENDED DECEMBE R31,2022
I First Deputy Chairman of Board
PIU Manager
Continuation
JSC "Asaka Bank"
I S. Zakirov
PIU FM Specialist
I Chief Executive Officer of JSC ,,Hamkorbank,'
Project Manager
Yu. Li
B. Juraev
I Financier
A. Khan
I Chief Director of Financial resources management
JSC "Uzpromstroybank"
Head of Green banking department
JSC "Uzpromstroybank"
I L Khudayberganov
B. Sultonmurodov
I First Deputy Chairman of Boaro
JSC "National Bank for Foreign Economic Activity of the RUz.,'
PIU Manager
I S. Usmanbekov
PIU FM Specialist
First Deputy Chairman of Board
I PIU Manager
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Acting Chairman of Board
I JSC "Asia Alliance Bank"
Director of Center for coordination of investment activities
and project maintenance of JSC "Asia Alliance Bank,,
Khakimov
I U. i
Sh. Gaziev
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Deputy Chairman of Board
JSC "Aloqa Bank"
I Kh. Rakhmatov
PIU FM Specialist
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The Statement of Cash
forming an integralpaft of the special-purpose cash gasis Financiatsfafemenfs.
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MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31,2022
Amounts are presented in IJS Dotlars
IDA CREDTT (5241-UZl 31.12.2022 31.12.2021
ASSETS
Total Cash and cash eqgivalents, including: 5 181 584 4 493224
USD Designated Accounts 5 181 584 4 493224
to!e! UggglffqlCs, including : 110 815872 109 793 51 1
PIU iSC "Asaka Bank" 28745 227 28745 227
PIU JSC "Hamkorbank" 38 554 688 37 604 688
PlU JSC "Uzpromstroybank 42982597 42982597
_Project CoorOination 533 361 460 999
TOTAL ASSETS 1 1s 997 456 114786735
OWN FUNDS/FINANCING
IDA Credits to Participating Banks, includinq: 85 061 638 84 088 035
PIU JSC "Asaka Bank" 23 175 667 23 175 667
PIU JSC "Hamkorbank" 31 682751 30 709 148
PlU JSC "Uzpromstroybank" 30 203 220 30 203 220
Project Coordination Unit (PCU) 541 341 494222
Co-financing by Participating Banks, including: 23 551 169 23 361 169
PIU JSC "Asaka Bank" 5749 447 5749 447
PIU iSC "Hamkorbank" 7 819 125 7 629 125
PIU JSC "Uzpromstroybank" 9 982 597 I 982 597
Financed by_,.P;diglpSting Banks, reimbursed by lDA, including: 6 843 308 6 843 308
PIU JSG.i* ilKt, " 3 820 113 3820113
226 415 226 415
k"i' 2796780 2796780
TOTAE ING 115 997 456 114786735
FM Specialist of PCU
A N. Rakhmanova
First Deputy Chairman of Board PIU Manager
JSC "Asaka Bank"
S. Zakirov PIU FM Specialist
Chief Executive Officer of JSC "Hamkorbank" Project Manager
Yu. Li
B. Juraev
Financier
A. Khan
Chief Director of financial resources management Head of Green banking department
JSC "Uzpromstroybank" JSC "Uzpromstroybank"
l. Khudayberganov B' sultonmurodov
*< - s=-
Nofes on pages 32to 38form paft of the Special-Purpose Cash Easis Financialstafemenfs,
t MINISTRY OF ECONOMYAND FINANCE OF
UZBEKISTAN
FIEEgY-EFFICIENCY FAC.ILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
t STATEMENT OF FINANCIAL POSITION AS
Amounts are presented in IJS Dollars
OF DECEMBER 31,2022
I TBRD LOAN (8S26.U2)
31.12.2022 31.12.2021
t 14 098 352
14 098 352
13 469 796
13 469 796
I
161 998 782 90 109 358
5 972 000 5 972 000
PIU JSC "HA Tkodank"
PIU JSC "Uzl
27 38241 18 293 142
82 636 831 51 419 326
I PIU JSC "Nal
PIU JSC "lnF
Plll .l.Q/l "Aci, A llian^^ D 7 063 151 706 160
Pll I ISC rtAlnno Elanl," 15 607 103 13718729
I IU IAL ASSETS
J
23337 281
176 097 134 103 579 154
! Plll .lSC 'rAcalrc Flanlz"
94 345 886 79233 403
Pl I | . ISC trlJamlznrha^l,j 5 000 000 5 000 000
22960 564 16 219 856
I vr I rvrr v t vqt tl\
rn ar Ei a^u +^- r^-^ ;.-Flll]]lll--l--ll-ll----l 45 599 017 41 599 017
r, ,q, eqr rA rvr I vr crgil EUUiluililu Ac[lvl[y oI mg
KUz. 5 000 000
PIU JSC "lnFir rRanu- 5 000 000
3 333 288 1 200 000
PIU JSC "Asia Allianc re Bank"
Plll.l.qC "Alnnq Flanlz 12 453 017 10 214 530
Co.financing
41 753 133 24345751
PIU JSC "Asal
1 493 000 1 493 000
PIU JSC "Hamkorban
Plll .lSe "l lznrnmcl' thanl'tl
6921 854 4 674 951
19 377 749 14 489 343
-
1 730782 185 372
4 154748 3 604748
8 075 000
!e rv f qluetpduilg oaItKS. Incluolng:
38 388 053
PIU JSC "U zJ
Pll l.lRft,,tn tr in Qanl,rl 20 950 000
2 175 772
15 262281
TOTAI .,r ruNuut
't (6 097 134 103 579 154
rN|lllr
\?r,i
u*lllZ"
FM Special stofPCU
;
rdiluva
F rst Deputy of Board
PIU Manager
JSC "Asaka Bank"
S. Zakirov
PIU FM Speciatist
Notes on pages 32 to Jg
14
I
I MINISTRY OF ECONOMYAND FINANCE
ENERGY EFFICIENCY FACILI.TY
PROJECT COORD|NATIOI,| Uflff
OF UZBEKISTAN
''r'r'|vvv'
FOR INDUSTRAL ENTERPRISES
PROJECT
I STATEMENT OF FINANCIAT POSITION
Amounts are presented in IJS Doilar
AS OF DECEMBER 31,2022
I Continuation
Chief Executive Officer of JSC ,'Hamkorbank,,
Project Manager
T B. Juraev
l Ciief
Financier
A. Khan
t .Director of Financial
JSC "Uzpromstroybank',
reso ces management
H-ead of Green banking department
JSC "Uzpromstroybank"
I l. Khudayberganov
B. Sultonmurodov
First Deputy Chairman of Board
I JSC "National Bank for Foreign Economic
Activity of the RUz.,,
PIU Manager
-
S. Usmanbekov
I PIU FM Specialist
First Deputy Chairman of Board
PIU Manager
I JSC "lnFinBank,'
O. Numanova
Acting Chairman of Board
Director of Center for coordination
of investment activities
and project maintenance "Asia Alliance Bank,,
Sh. Gaziev
Deputy Chairman of Board
JSC'Aloqa Bank" PIU Manager
Kh. Rakhmatov
PIU FM Speciatist
Notes on pag
15
I
MINISTRY OF ECONOMY AND FINANCE
I ENERGY EFFICIENCY FAC.ILITY_FOR
pRoJEcT cooRDtNATtot
OF UZBEKISTAN
-'r INDUSTRIAL
"ryvv'| ENTERPRISES PROJECT
0rulr'
I ;Hffi[l:,:,TirtililHtjJ TMPLEMENTTNG AGENCTES FoR
THE YEAR ENDED DECEMBER 31,2022
I BY EXPENDITURE TYPES
| 2022
Actual
Cumulative
Budget Variance
Cumulative Cumulative
I
Total
-l Q_aruszznl tM
| (2E7452271
I
I 'a:
;:
rl
:_o_v
namKorDanK"
(41 250 000) (12 5047731
(950 000) (ru cc4 buu)
totat (41 250 000) (2 695 312\
I _
--uzpromstrovbank"
(vcu uuu) (38 5s4 688) (41 2s0 000) (2 695 312)
,r. rrv Jov
uuo-loans -----------t
I (429825971 (41 250 000) 1 732 597
Grand Total Expenditure of participating
Banks (110 2825121
- (123 750 000) (13 466 s28)
I
I
I
173 71
Total Expenditure of pCU
FM Speciatist of pCU
N. Rakhmanova
PIU Manager
S. Zakirov
PIU FM Speciatist
Chief Executive Officier of JSC ,,Hamkorbank,,
Project Manager
B. Juraev Yu. Li
Financier
A. Khan
Ciief Director of financial resources management
JSC "Uzpromskoybank', Head of Green bankinq de
JSC "Uzpromshoyban["
B. Sultonmurodov
Noles on pages 92 b 3S paft ofthe Specian .
16
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERgY EFFICIENCYFACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF EXPENDITURE BY IMPLEMENTING
UNITS FOR THE YEAR ENDED DECEMBE R31,2022
Amounts are presented in tJS Doilars
BY EXPENDITURE TYPES Revised
Actual Variance
Budqet
2022 Cumulative Cumulative Cumulative
lvvtw vEt
l. PlU JSC "Asak
Sub-loans
(5 972 000) (5 000 000) 972000
Total (5 972 000) (5 000 000) 972 000
2, PIU JSC "Hamkorbank',
ouu-tudil5 (8 987 611) Q7 382 417\ (25 000 000) 2382 417
utctl
I (8 e87 611) | (27 382417) | (25 000 000) 2382 417
3. PIU JSC "Uzpromstrovbanku
_
5U0-toans
131 2tz50s) (82 636 831) (95 000 000) (12 363 169)
Total
{31217 5051 (82 636 831 ) (95 000 000) (12 363 169)
4. PIU JSC "National Bank for Foreion Economie ar.ri"i t,
Sub-loans
(5 000 000) (5 000 000)
Total
(5 000 000) (5 000 000)
5,PlUJSC"lnFinBank-
Sub-loans
Total
(6356ee1)
(6 3s6 991)
| (7063151) lm
fi 063 151) (12 000 000) (4 936 849)
6. PIU JSC "Asia Alliance Bank',
iiu0-l0ans
Total
1 888 374)
(1 888 374)
(15 607 103)
(15 607 103)
(17 000 000)
(17 000 000)
| (1 3e2897\
(1 392 8e7)
7, PIU JSC "Aloqa Banld
-euu-tudt tb (23337 2811 Q3337 281\ (40 000 000) (16 662 719)
Total (23337 2811 (23337 2811 (40 000 000) (16 662 719)
Grand Total Expenditure of participating Banks
11787 7611 (161 998 782) (199 000 000) (37 001 218)
FM Specialist of
N. Rakhmanova
First Deputy
PIU Manager
JSC "Asaka Bank"
S. Zakirov
PIU FM Speciatist
Chief Executive Officer of JSC ,,Hamkorbank',
Project Manager
B. Juraev
Financier
A. Khan
To be continued
Nofes on pages 32 to 38 form an in
17
t
I MINISTRY OF ECONOMYAND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
I STATEMENT OF EXPENDITURE BY IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER3l,2022
Amounts are presented in US Dollars
I Chief Director of Financial resources management
Continuation
I
Head of Green banking department
JSC "Uzpromstroybank" JSC "Uzpromstroybank"
I B. Sultonmurodov =-G--
t
First Deputy Chairman of Board PIU Manager
JSC "National Bank for Foreign Economic Activity of the RUz."
t S. Usmanbekov PIU FM Specialist
I
First Deputy Chairman of Board PIU Manager
I O. Numanova
Acting Chairman of Board
t
Director of Center for coordination of investment activities
JSC "Asia Alliance Bank" and project maintenance of JSC "Asia Alliance Bank"
U. Khakimov Sh. Gaziev
T Head of accountino
I
sector of JSC
L. Adjimirova
I Deputy Chairman of Board
JSC "Aloqa Bank"
PIU Manager
I Kh. Rakhmatov PIU FM Specialist
I
I
I
I
I Noles on pages 32 to 38 form an integrat paft of the Speciat-Purpose Cash 8asr.s Financiatsfafemenfs.
18
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
F PROJECT COORDINATION UNIT
STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
E Source of funds Currency Central Bank of Uzbekistan
(CBU)Account
Participating Amount in USD
Bank
F IDA Credit
IDA Credit
N0,5241-UZ
N0.5241-UZ
USD
USD
21302840 700 000 873 003
21302840 900 000 083 005
JSC Asaka Bank
JSC Hamkorbank
4 000 000
1 173 603
IDA Credit No.5241-UZ USD 21302840 200 000 440 003 JSC Uzpromstroybank -
Total 5 173 603
Source of funds Currency lpoteka Account Amount in USD
BanUHolder
IDA Credit N0.5241-UZ USD PCU Designated account 7 764
IDA Credit N0,5241-UZ UZS PCU Current account 217
T Total 7 981
F
I Source of funds
IBRD Loan N0.8826-UZ
Currency Central Bank of Uzbekistan
(CBU)Account
Paftlcipating
Bank
Amount ln USD
USD 21302840 900 000 873 004 JSC Asaka Bank
fr IBRD
IBRD
Loan
Loan
N0.8826-UZ
N0.8826-UZ
USD
USD
21302840
21302840
700 000 083 004
400 000 440004
JSC Hamkorbank
JSC Uzpromstroybank
521 000
2 500 000
4 900 000
IBRD Loan N0.8826-UZ USD 21302840 700 000 450 002 JSC National Bank for FEA of RUz
it
I
IBRD
IBRD
Loan
Loan
N0,8826-UZ
N0,8826-UZ
USD
USD
21302840
21302840
100 001 041 002
400 001 095 002
JSC InFinBank
JSC Asia Alliance Bank
5 000 000
176 691
1 000 662
Total 14 098 352
T
T
T
t
T
! Nofes on pages 32 to 38 form an integral paft of the Special-Purpose Cash Basis Financiatsfafemenfs.
T 19
I
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
t ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
I STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
I Statement of USD Designated Account of PIU JSC "ASAKA BANK"
Account No. 21302840 700 000 873 003
Depository Bank: Central Bank of Uzbekistan
T Address: 6, lslam Karimov Street, Tashkent, 100001
Related Credit No, 5241-UZ (rDA)
Cunency: US Dollars (USD)
T
t Opening Balance as at 01 January2022 4 000 000
Cash Inflow:
T IDA Financino
I Cash 0utflow:
Transfer into Transit USD Account at CBU
Sub-loans
Closing Balance as at 31 December 2022 4 000 000
T
I Statement of USD Corresponding Account of PIU JSC "ASAKA BANK"
Account No.
Depository Bank:
10301 840 300 000 873 001
Central Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
T Related Credit No, 5241-UZ (rDA)
Currency: US Dollars (USD)
USD
T Opening Balance as at 01 January 2022
I Cash Inflow:
IDA Financing
Transfer from USD Desionated Account at CBU
T Cash Outflow:
I
Sub-loans
Closing Balance as at 31 December 2022
I
t S. Zakirov
First Deputy Chairman of Board
JSC "Asaka Bank"
PIU Manager
I PIU FM Soecialist
Nofes on pages 32 to 38 form an integral paft of the Special-Purpose Cash Basls FinancialSfafemenfs.
cn
_l
I
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
! ENERGY EFFIC]ENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
pRoJEcT cooRDlNATtol 0rtrr
I STATEMENT 0F CASH BALANCES OF IMPLEMENTTNG UNtrS FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
I statement of usD Designated Account of plU JSc "HAMKORBANK"
= Account No. 21302840 900 000 083 005
Depository Bank: Cenhal Bank of Uzbekistan
I Address: 6, lslam Karimov Street, Tashkent, 100001
! Related Credit No. S2 |-UZ(\DA)
Currency: US Dollars (USD)
I
Opening Batance as at 01 January 2022
I 960 000
Cash lnflow:
IDA Financino
I 973 603
I SfflL:;:'''-' 190 000
I Closing Batance as at 31 December 2022 1 743 603
I B J,r*,
Chief Executive Officer
Yu. Li
Prolect Manager
- JSC "Hamkorbank"
T
A. Khan
Financier
I
I
t
I
I
I Nofes on pages 32 to 38 form an inte
zl
I
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
I ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
I STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
Statement of USD Designated Account of PIU JSC "UZPROMSTROYBANK"
Account No. 21302840 200 000 440 003
Depository Bank: Central Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
Related Credit No. 5241-UZ(tDA)
Cunency: US Dollars (USD)
USD
Opening Bafance as at 01 January 2022
Cash lnflow:
IDA Financing
Gash Outflow:
Sub-loans
Closing Balance as at 31 December 2022
-- - K-2-
Head of Green banking department
JSC "Uzpromstroybank"
I Nofes on pages 32 to 38 form an integral part of the Special-Purpose Cash Basls Financialsfafemenfs.
22
I
I MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILIry FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER3|,2022
Amounts are presented in US Dollars
I Statement of USD Designated Account of PCU
Account No, 20203840 900 101 021 005
Depository Bank: JSTIB "lpoteka Bank", Mekhnat Branch
Address: 9, lstiklol Street, Tashkent, 100035
Related Credit No, 5241-UZ(tDA)
Cunency: US Dollars (USD)
USD
t Opening Bafance as at 01 January 2022 33220
Cash lnflow:
I IDA Advances (including intermediary bank commission) 47 119
I Cash Outflow:
Transfer into UZS Cunent Account of PCU (Conversion)
Intermediary bank commission
(72 550)
(26)
I December 2022 7 764
I
I N. Rt{khmanova
I
I
t
I
I
I
I Noles on pages 32 fo 38 form an integral paft of the Special-Purpose Cash Basis Financial Sfafemenfs.
23
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER3l,2022
Amounts are presented in US Dollars
Statement of UZS Current Account of PCU
Account No. 20203 000 600 101 021 003
Depository Bank: JSTIB "lpoteka bank", Mekhnat Branch
Address: 9, lstiklol Street, Tashkent, 100035
Related Credit No. 5241-UZ(tDA)
Currency: Uzbek Soums (UZS)
In USD equivalent
Opening Balance as at 01 January 2022
I Cash Inflow:
Transfer from USD Designated Account of PCU 72220
I
Cash Outflow:
Financing of eligible expenditures (72 003)
N. RakKmanbva
Nofes on pages 32 to 38 form an integral paft of the Speciat-Purpose Cash Easrs Financia!sfafemenfs.
24
I MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
t ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
I STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR
Amounts are presented in IJS Doltars
ENDED DECEMBE R31,2022
I statement of USD Designated Account of plU JSc "ASAKA BANK"
Account No,
I
21302840 900 000 873 004
Depository Bank: Central Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
Related Loan No. 8826-UZ (tBRD)
I Currency: US Dollars (USD)
t Opening Balance as at 01 January2022
521 000
Cash Inflow:
IBRD Financi
Cash 0utflow:
Transfer into Transit USD Account at CBU
Sub-loans
Closing Balance as at 31 December 2022
521 000
statement of usD corresponding Account of prU JSc 'ASAKA BANK"
Account No. 10301 840 300 000 873 001
Depository Bank: Central Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
Related Credit No. 8826-UZ (tBRD)
Cunency: US Dollars (USD)
USD
Opening Bafance as at 01 January 2022
Cash Inflow:
IBRD Financing
Transfer from USD Account at CBU
Cash Outflow:
Sub-loans
Closing Balance as at 31 December 2022
S, Zakirov
PIU Manager
First Deputy Chairman of Board
JSC "Asaka bank"
PIU FM Soecialist
Notes on pages 32 fo 38 form an
25
F MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
FNERgY EFFICIENCYfACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
F PROJECT COORDINATION UNIT
I STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR
Amounts are presented in IJS Doilars
THE YEAR ENDED DECEMBER31,2022
I statement of USD Designated Account of plu JSc ,,HAMKORBANK,
T Account No. 21302840 700 000 083 004
Depository Bank: Central Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
T Related Loan No. 8826-UZ (tBRD)
Currency: US Dollars (USD)
T
I Opening Balance as at 01 January 2022
2 500 000
t Cash Inflow:
IBRD Financing
6740708
I Cash Outflow:
Sub-loans
(6 740 708)
I Closing Balance as at 31 December 2022
2 500 000
I
I Chief Executive Officer of JSC ,,Hamkorbank',
B. Juraev
Project Manager
Yu. Li
I Financier
A. Khan
I
I
I
I
I
Notes on pages 32 to 38 fo
I
zo
I
ft MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
T ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
! STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
statement of USD Designated Account of pru Jsc "uzpRoMSTRoyBANK'
T
I Account No,
Depository Bank:
Address:
21302840 200 000 440 003
Central Bank of Uzbekistan
6, lslam Karimov Street, Tashkent, 100001
I Related Loan No.
Currency:
8826-UZ (tBRD)
US Dollars (USD)
Openfng Bafance as at 01 January 2022
T 4 669 035
Cash Inflow:
I IBRD Financing
Transfer from Transit USD Account at CBU
Cash Outflow:
20 950 000
5 000 000
T Sub-loans
25719 035
t Closing Balance as at 31 December 2022
Statement of USD Combined Corresponding Accounts of PIU JSC "UZPROMSTROyBANK"
4 900 000
T Account No.
Depository Bank:
22096 840 000 100 001 422 I 22096 840 900 100 001 003
I
Central Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
Related Credit No. 8826-UZ (tBRD)
Cunency: US Dollars (USD)
I Opening Balance as at 01 January 2022
USD
I Cash Inflow:
IBRD Financing 5 000 000
I Cash Outflow:
Transfer into USD Designated Account at CBU
Sub-loans
5 000 000
t Closing Balance as at 31 December 2022
I
I
B. Sultonmurodov
Head of Green banking department
JSC "Uzpromstroybank"
JSC "Uzpromshoybank"
I
I Nofes on pages 32 to 38 form an in
27
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBERg1.2022
Amounts are in US Dollars
I Statement of USD Designated Account of PIU JSC "NATIONAL BANK for Foreign Economic Activity of the
Republic of Uzbekistan"
I
Account No. 21302840 700 000 450 002
I Depository Bank:
Address:
Central Bank of Uzbekistan
6, lslam Karimov Street, Tashkent, 100001
Related Loan No. 8826-UZ (tBRD)
I Currency: US Dollars (USD)
I Opening Balance as at 01 January 2022 5 000 000
I
I
Cash lnflow:
IBRD Financing
I
I Cash Outflow:
Sub-loans
I Closing Balance as at 31 December 2022 5 000 000
I
I S, Usmanbekov PIU Manager
First Deputy Chairman of Board
I JSC "National Bank for Foreign Economic Activity of the RUz."
PIU FM Specialist
I
I
I
I
I
I Nofes on pages 32 to 38 form an integral part of the Special-Purpose Cash Basrs Financiatsfafemenfs.
28
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER31,2022
F Amounts are presented in US Dollars
I Statement of USD Designated Account of PIU JSC "INFINBANK"
Account No. 21302840 100 001 041 002
F
I
Depository Bank: Central Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
Related Loan No. 8826-UZ (rBRD)
Currency: US Dollars (USD)
USD
Opening Balance as at 01 January 2022 679212
I Cash lnflow:
IBRD Financing 4 309 060
T
I Cash Outflow:
Sub-loans 4 811 581
I Glosing Balance as at 31 December 2022 176 691
t
I ++
0, Numanova
-\ l
First Deputy Chalfman of Board
t
t
I
I
t
t
t Nofes on pages 32 to 38 form an integral paft of the Special-Purpose Cash Basis Financial Sfafemenfs.
29
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF CASH BALANCES OF IMPLEMENTING UNITS FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
statement of USD Designated Account of Plu Jsc "AslA ALLIANGE BANK"
Account No. 21302840 400 001 095 002
Depository Bank: Cenhal Bank of Uzbekistan
Address: 6, lslam Karimov Street, Tashkent, 100001
I Related Loan No,
Cunency:
8826-UZ (rBRD)
US Dollars (USD)
I USD
I
Opening Bafance as at 01 January 2022 100 549
Cash lnflow:
I IBRD Financing 2238 487
I Cash Outflow:
Sub-loans (1 338 374)
I Closing Balance as at 31 December 2022 1 000 662
I
t Acting Chairman of Board
JSC "Asia Alliance Bank"
Director of Center for coordination of investment activities
I U, Khakimov Sh, Gaziev
I
I
I
I
I
I Noles on pages 32 to 38 form an integral paft of the Speciat-Purpose Cash Easls Financiatsfatemenfs.
30
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
STATEMENT OF EXPENDITURE WITHDRAWAL SCHEDULE FOR THE YEAR ENDED DECEMBER 31,2022
Amounts are presented in US Dollars
fDA Credit (. ,241-UZl Disbursement Cateqory
Pad A Part B Disbursed in FY
Withdrawal application No. Development of EE Gapacity Credit Line to Participating Banks 2022
PCU
71 27 663.96 27 663.96
73 19 455.44 19 455.44
Sub-total 47119.40 47119.40
PIUs
72 973 603,00 973 603.00
Sub-total 973 603,00 973 603,00
TOTAL 47119.40 973 603.00 1020722.40
IBRD Loan (8826-UZ) Disbursement Category
Part A Part B Disbursed in FY
Withdrawal application No. Development of EE Capacity Credit Line to Participating Banks 2022
PCU
Sub-total
PIU JSC "Asia Alliance Bank"
63 1 191112.72 1 191112.72
77 1047 373.97 1047 373.97
Sub-total 2 238 486,69 2 238 486,69
PIU JSC "Hamkorbank"
45 2327 324.61 2327 324.61
46 1 650 020.00 1 650 020.00
47 516202.35 516 202.35
53 795 522.99 795 522.99
75 1 451 658.00 1 451 658.00
Sub-total 6 740 707.95 6 740 707.95
PIU JSC "Uzpromstrovbank"
57 5 000 000,00 5 000 000.00
61 3 400 982.80 3 400 982.80
69 1 499 017 .20 1 499 017 .20
70 16 050 000,00 16 050 000.00
Sub-total 25 950 000,00 25 950 000.00
PIU JSC "lnFinBank"
60 933 288.00 933 288.00
64 1 200 000.00 1 200 000.00
65 417 750.00 417 750.00
66 558 021,75 558 021.75
67 1 200 000.00 1 200 000.00
Sub-total 4 309 059,75 4 309 059,75
PIU JSC "Aloqa Bank"
72 5227 331.02 5227 331.02
73 4 275 000.00 4 275 000,00
74 1 324110.00 1 324110.00
76 4 435 840.00 4 435 840.00
Sub-total 15262281.02 15262281.02
TOTAL 54 500 535,41 54 500 535.41
Nofes on pages 32 to 38 form an integral part of the Special-Purpose Cash Easls Financiatstafemenfs.
31
MINISTRY OF ECONOMYAND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
NOTES TO SPECIAL.PURPOSE FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER91,2022
Amounts are presented in US Dollars
1 PROJECT AND ITS OPEMTION
-
The International Developlglt Association (hereinafter "lDA) and the Government of Uzbekistan (hereinafter
-
"Govemmenl") on 18 July 2013 Agreement (Credit No. the Republic of
Uzbekistan for total of 66.1 Million (hereinafter - "SDR") e 100.0 Million for
implementation of the "Energy Effi rial Enterprises" Project ct") on the terms
and conditions stipulated in the Financing Agreement, with the repayment term of 25 years, including 5 years oigrace period,
Key Prqect objective is to facilitate modernization, technical and technological upgrade of the enterprise of the real economy
sector, improving their energy efficiency and effectiveness, speeding up the introduction of energy saving equipment and
technology.
According to the Financing Agreement, the Project will be financed on the account of IDA-funded credit and on the account of
co-financing by the Participating Banks: JSC "Asaka Bank", JSC "Hamkorbank" and JSC "Uzpromstroybank" (hereinafter
"Participating Banks"). To facilitate Project implementation, the IDA and each Participating Bank on 1S July 201i
-
have signed
the Financing Agreement. The Ministry of Finance on behalf of the Republic of Uzbekistan (hereinifter "MoF") and
Participating Banks on 28 October 2013 have signed the Financing Agreement on sub-lending agangements for the IDA
-
funds for the Project implementation,
The plan of financing of the Project by sources of attracted funds as follows:
US Dollars
IDA funds (Credit No, 5241-UZ) 100 000 000
Participating Banks funds (Co-financing) 24 750 000
Total 124 750 000
The Cabinet of Ministers'of Uzbekistan Resolution (hereinafter -
"Resolution") under the No.168 "On supplementary
measures facilitating implementation of the Energy Efficiency Facility for Industrial Enterprises Project w1h the parlicipation
of
the lDA" dated 12 June 2013 identifies that the following executive authorities responsible for ihe Project implementation
fiointly referred as the lmplementing Units):
' In FY 2023, the Ministry of Economic Development and Poverty Reduction was re-named as the Ministry of
I Economy and Finance of Uzbekistan merging the Ministry of Economic Development and Poverty Reduction and
Ministry of Finance of Uzbekistan (hereinafter - "Project Executing Agency" (PEA)) is responsibie for the overall
-
coordination of the Project and implementation of the component "Development of Energy Efficiency Capacity and
I '
Project management';
Participating Banks: JSC "Asaka Bank", JSC "Hamkorbank" and JSC "Uzpromstroybank" are responsible for
targeted and effective use of the re-financed part of the IDA Credit and implementa1on of the component "Credit
Line to Participating Banks",
I The Prqect Coordination Unit (hereinafter - "PCU") was established under the PEA and the Prolect lmplementation Unit
(hereinafter - "PlU") was established under each Participating Bank in order to ensure effective Proj6d implementation.
I Pursuant to the requirements stated in the above Resolution, the PEA, the MoF and Participating Banks have elaborated
the
Project Operational Manual (POM) in consultation with the lDA. The POM refers to the lending inangements,
selection and
I sub-project evaluation cdteria, also financial management, procurement, monitoring and dvaluati6n procedures for the
Prolect implementation.
I According to the Financing Agreement, the repayment of IDA Credit is carried out on the account of Participating
part of the re-financed credit portion. The repayment of credit in part of the Project Component "A" "Developmeniof
Efficiency Capacity and Project management" is carried out on the account of
-
Banks in
Energy
fublicbudget.
I
I
I 32
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
NOTES TO SPECIAL.PURPOSE FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
The Prolect consists of the following components:
Part A: Development of Energy Efficiency Capacity
I' Enhancing the energy efficiency capacity of selected industries, banks, industry associations and energy
professionals, through the provision of consultants' s )rvices and Training.
2' Strengthening the capacity of PEA and the PCU for Project mana-gement, coordination and monitoring and
evaluation, through the provision of goods, consultants' services and Training.
3' lmprovement of the statistical reporting capacity in the area of energy consumption and energy efficiency,
Part B: Credit Line for Participating Banks
Establishment and operation oj a credit facility for the Participating Banks for the provision of Sub-loan(s)
to Beneficiaries,
enabling such Beneficiaries to finance the costs related to the carrying out of industrial energy efficiency Sub-prolects,
According to the Financing Agreement, the IDA funds available for the Project implementation are identified for
financing the
following components:
Components IDA Credit's IDA Credit's Percentage of expenditure
allocated amount in allocated amount in financing (exclusive of taxes)
SDR USD
Part A: Development of Energy Efficiency Gapacity
Goods, Consultant's services, Training 660 000 1 000 000 100Yo
and Incremental Operatinq Costs
I Part B: Credit Line for Participating Banks
Sub-loans for Sub-proiects 65 440 000 99 000 000 80%
Total 66 100 000
I 1 00 000 000
According to the Procurement Plan, approved by the Agreed Minutes of Negotiations between the Uzbek
Government and
I IDA dated 25 March 2013, the Project's costs are:
Category IDA Credit allocated
amount in USD
I pan A: uevetopment of Energy Efflciency Capacity
1, Office Equipment (computers, faxes, copy machin@ 50 000
2, Enhancing lhe energy efficiency capacity
I energy professionals, through the provision of consultants' services and Traininq includino:
-
240 000
Training anangements for the expefts and professionals working in the gas and oil 120 000
metallurgical and chemical industry enterprises;
I - Training arrangements for the expefts and professionals of the pubtic secfor organizations 120 000
3' Strengthening the capacity of PEA and the PCU for Prqect management, coordination and 220 000
I monitoring and evaluation, through the provision of.goods, consultant's iervices and Trainino
4' lmprovement of the statistical reporting capacity in the area of energy consumption and energy 1 80 000
efficiency
5, Project Management:
I -
-
Salary
310 000
133 000
Audit
40 000
I - Training
10 000
- Operationalcosts
127 000
Total Part A
1 000 000
I To be continued
33
I
M]NISTRY OF ECONOMYAND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
NOTES TO SPECIAL.PURPOSE FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER31.2022
Amounts are presented in US Dollars
Continuation
Category IDA Credit allocated
amount in USD
Part B: Credit Line for Participating Banks
1. Sub-loans JSC "Asakabank" 33 000 000
2. Sub-loans JSC "Hamkorbank" 33 000 000
3, Sub-loans JSC "Uzpromstroybank" 33 000 000
Total Part B 99 000 000
Grant Total 1 00 000 000
According to the Financing Agreement, the initial date of IDA Credit N0.5241 Close Date was 31 January 2018. Since
additional IBRD financing was approved for the Project, later the Project Completion Date was extended through 31 January
2023.
In addition, the Board of Governors of the World Bank has approved additional Project financing by the Loan of the
International Bank for Reconstruction and Development (hereinafter- "|BRD") on 30 January 2018 fortoialamount of USD
200 Million with the repayment term of 25 years, including 5 years of grace period.
For the purpose of implementing the Proyect on 24lrlay 2018, the IBRD and the Commercial banks have entered in to the
Project lmplementation Agreement. Pursuant to this Agreement, the IBRD and the Commercial banks of Uzbekistan
participating within the Project cover the prolect implementation with the participating commercial banks of Uzbekistan
such
as JSC "Asaka Bank", JSC "Hamkorbank", JSC "Uzpromstroybank", JSC "UzNationai Bank", JSC "lnFinBank" and JSC "Asia
Alliance Bank". Fufther, in FY 2022,the Project has sign the Sub-loan Agreement with the JSC "Aloqa Bank".
According to the Loan Agreement, the IBRD funds available for the Project implementation are identified for financing the
following components:
Components IBRD Loan's allocated amount in USD Percentage of expenditure
financinq (exclusive of taxes)
Part A: Development of Energy Efficiency Capacity
Goods, Consultant's seruices, Training 1 000 000 100%
and Incremental Operatinq Costs
Pad B: Credit Line for Participating Banks
Sub-loans for Sub-proiects 199 000 000 75%
Total 200 000 000
According to the Amendments made on 30 June, 2022 to the Sub-loan Agreements for Sub-projects, the Project's re-
allocated costs are:
Category IBRD Loan allocated IBRD Loan re.allocated
amount in USD amount in USD
Part A: Development of Enerqv Efficiencv Capacitv 1 000 000 I 000 000
Part B: Credit Line for Participatinq Banks: 199 000 000 199 000 000
JSC "Asaka Bank" 50 000 000 5 000 000
JSC "Hamkorbank" 25 000 000 25 000 000
JSC "Uzpromstroybank" 50 000 000 95 000 000
JSC "National Bank for FEA of the Republic of Uzbekistan" 50 000 000 5 000 000
JSC "lnFinBank" 12 000 000 12 000 000
JSC "Asia Alliance Bank" 12 000 000 17 000 000
JSC "AloQa Bank" 40 000 000
Total 200 000 000 200 000 000
34
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
NOTES TO SPECIAL.PURPOSE FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
2 SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
These spe Statements have been prepared in accordance with the International Public Sector
Accounting nancial Reporting under the Cash Basis of Accounting" promulgated by the lnternational
Federation following the cash basis and compliance with the World Bahk reqJiremenis.
Those.standards require that cash receipts shall be effective when received and expenditures of funds shall be effective
when they are paid rather than when incurred.
The Financial Statements prepared under the cash-basis provide readers with information about the sources of cash raised
during_the period, the purpose for which cash was used and the cash balances at the reporting date. The measurement focus
in the financialstatements is balances of cash and changes therein.
The Project's special-purpose cash-basis Financial Statements are prepared on the basis of cash receipts and
disbursements which are a comprehensive basis of accounting.
Financing
The financing into Designated accounts is recognized when funds are transferred from IDA Credit and IBRD Loan accounts
to the Project USD Designated account held at the JSTIB "lpoteka Bank" Mekhnat Branch in Tashkent city and at the Central
Bank of Uzbekistan (CBU).
The financing by the Participating Banks is recognized when funds are disbursed to the bonowers from the Participating
Banks' loan accounts ("Co-financing accounts").
Expenditure
The Project's expenditures are recognized and entered in the Project Financial Statements generated on the cash basis
when:
. Payments to the supplies of goods or services are made from the Project's Designated Account or directly from IDA
Credit and IBRD Loan accounts under the procedure of Direct payments;
o Sub-loans to the borrowers are disbursed from the Prolect Designated accounts held at the Participating Banks, under
the CBU, in line with the World Bank requirements, or directly from IDA Credit and IBRD Loan accounts under the
procedure of Direct payments;
. Sub-loans to the borrowers are disbursed from the Project Co-financing accounts held at the Paffcipating Banks,
Accounting of PCU within the PEA is conducted in accordance with the applicable laws of the Republic of Uzbekistan with
the specific implementation of the Project, including applying cash method,
The Financial Management of the Project is canied out by the following main tasks:
1) Analysis of the performance costs;
I 2) Analysis of cash expenses and for hansfers;
3) Analysis of financial condition;
4) An analysis of budget execution.
I
I
I
35
I
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
NOTES TO SPECIAL.PURPOSE FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER31,2022
Amounts are presented in US Dollars
Disbursement methods of World Bank
(a) Reimbursement: The World Bank may reimburse the borrower for expenditures eligible for financing pursuant to the
Financing Agreement (eligible expenditures) that the borrower has pre-financed from its own resources.
(b) Advance: The World Bank may advance funds from the Financing Account into a Designated Account of the borrower
to finance eligible expenditures as they are incuned and for which supporting documents will be provided at a later date.
(c) Direct Payment: The World Bank may make payments, at the borrower's request, directly to a third party (for example,
supplier, contractor, or consultant) for eligible expenditures.
(d) Special Commltment: The World Bank may pay amounts to a third party for eligible expenditures under the. special
commitments entered into, in wfiting, at the borrower's request and on terms and conditions agreed between the World
Bank and the borrower,
Foreign currency translation
(i) Functional and Presentation currencies
The functional currency of the Project is the cunency of the primary economic environment in which it operates. However, the
Project's functional currency is USD, and the major portion of its transactions are made in USD through financing of the IDA
Credit and IBRD Loan accounts or by Direct Payments. These special-purpose Financial Statements of the Project are also
presented in the presentation currency of US Dollars ("USD") as this is convenient for the readers of the financial statements.
(ii) Transactions
The assets' additions and expenditure paid for in UZS were translated into USD using the following principles of transaction:
' The payments, denominated in UZS, have been translated into USD using the rate of exchange of the commercial
banks on the date of conversion;
' The financing by the Participating Banks, sub-loans disbursed in UZS, have been translated into USD using the rate
of exchange of the CBU on the date of disbursement.
The official exchange rate set by the CBU and effective, as at 31 December 2022 was UZS 11,225.46 to USD'I (2021: UZS
10,837,66 to USD1; 2020:UZS 10,476.92 to USD1; 2019: UZS 9,507.56 to USD1;), At present, the UZS is stilt not a
convertible currency outside Uzbekistan.
Cash and cash equivalents
For the.Pu1pose of Prolect implementation, the Project lmplementing Units have opened number of accounts both in USD
and in UZS,
In line with the IDA and IBRD requirements and also according to the IDA Credit and the IBRD Loan Agreement, the
Participating Banks held accounts at the CBU for the World Bank's funds. In addition, there are Co-financing lccounts held
by the Participating Banks forthe purpose of lending the IDA Credit and the IBRD Loan funds furthertolheir borrowers
under the Project, Accordingly, each Participating Banks held separate USD Designated accounts at the CBU: Three
accounts for the IDA Credit funds and six accounts for the IBRD Loan funds lending purposes. These accounts were used
for the disbursement of sub-loans for implementation of the Project's component "Part B" - "Credit Line to the Participating
Banks".
In addition, in line with the Cred.it.and Loan Agreements, the Participating Banks are responsible for co-financing 20% and
25% respectively of the total sub-loans from the accounts of own funds,-All Participating'Banks are in complian6e with co-
financing requirements.
JO
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
NOTES TO SPECIAL.PURPOSE FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER31,2022
Amounts are in US Dollars
The PCU held USD Desiqnated and UZS Current accounts for financing eligible expenditures, Both accounts were used for
the disbursement of fund-s by the World Bank for implementation of the Pioject's component "Part A" .- "Development of
Energy Efficiency Capacity"' which includes consultant's services, prolect management and operational costs within
implementation of the Prolect.
3 DIRECT PAYMENTS
No Direct Payments made by the Prolect for the reporting period for both the IDA Credit and the IBRD Loan funds,
4 IDA AND IBRD FUNDS' PROCEEDS
31 December2022 Gumulative
IDA Credit /5241-UZl
Direct Pavments to PlUs
Direct Pavments to PCU 56 341
Advances to PlUs: 86 884 815
PIU JSC'Hamkorbank" 973 603 31 682751
Advances to PCU 47 119 485 000
Reimbursements to PlUs: 4 046 528
PIU JSC "Asaka Bank' 3 820 113
PIU JSC "Hamkorbank' 226 415
Reimbursements to PCU
Co-financinq from PlUs: 23 361 169
P/U JSC 'Asaka Bank' 5 749 447
P/UJSC "Hamkorbank' 190 000 7 819 125
P/U JSC " Uzpromstroybank" I 982 597
Total Funds'oroceeds 1 210722 115 997 456
IBRD Loan (8826-UZ)
Direct Pavments to PlUs: 24 602 583
P/U JSC "Asaka Bank'
P/UJSC "Hamkorbank'
romstrovbank"
P I U J SC " Uzp 24 602 583
PIU JSC'National Bank for FEA of the RUz."
PIU JSC "lnFinBank'
P/U JSC "Asia Alliance Bank"
Direct Payments to PCU
Advances to PlUs: 16 112 483 70743304
P/UJSC "Asaka Bank" 5 000 000
6 740 708 22 960 564
I PIU JSC'Hamkorbank"
P/U JSC' Uzpromstrovbank' 5 000 000 21 996 435
P/U JS "National Bank for FEA of the RUz.' 5 000 000
PIU JSC "lnFinBank" 2 133 288 3 333 280
I PIU JSC "Asia Alliance Bank' 2 238 487 12 453 017
Advances to PCU
I To be continued
I 37
MINISTRY OF ECONOMY AND FINANCE OF UZBEKISTAN
ENERGY EFFICIENCY FACILITY FOR INDUSTRIAL ENTERPRISES PROJECT
PROJECT COORDINATION UNIT
NOTES TO SPECIAL.PURPOSE FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER3I,2022
Amounts are in US Dollars
Continuation
Reimbursements to be made to PlUs: 38 388 053 38 388 053
P/UJSC "Asaka Bank"
P/U JSC 'Hamkorbank"
PIU JSC " Uzpromstrovbank" 20 950 000 20 950 000
P/U JSC 'National Bank for FEA of the RUz,'
P/U JSC "lnFinBank" 2 175 772 2 175 772
PIU JSC "Asia Alliance Bank"
P/U JSC "Aloqa Bank' 15 262 281 15 262 281
Reimbursements to PCU
Co-financinq from PlUs: 17 915 783 41 753 133
P/U JSC "Asaka Bank" 1 493000
P/U JSC "Hamkorbank" 2 246 903 6921 854
P/U JSC " Uzp rom strov b ank" 5 498 470 19 377 749
PIU JSC 'National Bank for FEA of the RUz.'
PIU JSC "lnFinBank' 1 545 410 1 730 782
P/U JSC "Asia Alliance Bank' 550 000 4 154 748
P/U JSC 'Aloqa Bank" I 075 000 I 075 000
Total Funds'proceeds 72416319 176 097 134
5 RECONCILIATION OF IDA AND IBRD FINANCING
The reconciliation between the Client Connection data and the Project data as of 31 December 2022 is stated below:
Sources Client Gonnection data Project data Difference
IDA Credit Proceeds 92446286 92446286
IBRD Loan Funds 133 733 938 133 733 938
6 ADJUSTMENT TO THE CLOSING BALANCE
By analyzing the closing balance of PIU JSC "Uzpromstroybank" as of 31 December2022 (Loan No. 8826-UZ), we noted
thatthe'lFR-closing balince prepared bythe PIU JSC "Uzpromstroybank" as of 31 December 2022was reported as USD
8 400 000, Howevelr, by our analysis we found that the reported closing balance of by above-mentioned PIU was mistaken'
We were able to obtain correct closing balance by means of performing additional audit procedures to satisfy ourselves about
the closing balance. Thus, we have corrected and adjusted the closing balances of the above mentioned PIU's IFR as at 31
Decembei 2022 for US Dollars 4 900 000. At the same time the PIU made some improvements to the systems of accounting
and intemal control.
7 LEGAL STATUS, TAXES AND LEVIES
The pCU under the Ministry of Economy and Finance of Uzbekistan (Project Executing Agency - PEA), and the PlUs under
the participating Banks are not the legai entities and, subsequently are not the business tax payers, they only paying.social
and pension contributions and personil income tax (PlT) for individuals/specialists contracted by the PCU. The PIU under the
Participating Banks employed full{ime bank staff and there are no costs of payroll budgeted under the Prolect.
8 SUBSEQUENT EVENTS
There are no the events after the end of the reporting period, which would require adjustment to or disclosure in these
financial statements.
9 APPROVAL OF SPECIAL.PURPOSE FINANCIAL STATEMENTS
The special-purpose financial statements were approved by the Management of the PCU for issue on 31 May 2023.
38
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