DUSHANBE, March 28, 2014, Asia-Plus — International Finance Corporation (IFC) and LLC IMON International, Tajikistan’s largest microfinance organization, have signed a loan agreement for 5 million U.S. dollars.
The official signing ceremony took place in Dushanbe on March 28.
The loan is allocated for financing increase in the number of IMON International’s branches and thereby extending lending to the agrarian sector.
The loan is provided in the national currency that will allow extending availability of loans to farmers, small enterprises and businesswomen, Mr. Edward Strawderman, IFC Associate Director for Financial Markets in Europe and Central Asia, noted.
Tajikistan has reportedly the second largest microfinance market in Central Asia following Kyrgyzstan. Tajikistan’s microfinance market, however, remains untapped. According to some data, the share of microfinance in the country’s gross domestic product (GDP) is only 3.6 percent.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.
IMON International is the largest MFI in Tajikistan, with almost 60,000 customers, micro and small entrepreneurs and farmers, which are served via an extensive network of more than 100 branches and service outlets. It also promotes financial literacy and gender equality.
