DUSHANBE, November 27, 2015, Asia-Plus – The government is seeking measures to improve activities of Agroinvestbonk, the second largest commercial bank in Tajikistan.
Radio Liberty’s Tajik Service
reports the Government of Tajikistan has developed a new program to save Agroinvestbonk, which is one of the leading lenders in the country, from economic crisis.
According to
RFE/RL’s Tajik Service
, the program, in particular, notes that the Prosecutor-General Office, the Agency for State Financial Control and Combating Corruption, the Accounts Chamber and other relevant agencies should help collect the loans provided by the bank.
The Agroinvestbonk press center has confirmed this information.
We will recall that the European Bank for Reconstruction and Development (EBRD) in August 2009 acquired a stake of 25 percent + 1 share in Agroinvestbonk for up to 50 million somoni in order to strengthen the capital base of Agorinvestbonk and support its growth and further development.
In 2012, the government made a decision on recapitalization of Agroinvestbonk and injected 700 million somoni in the bank. 200 million somoni went to replenishing the bank authorized capital stock and 500 million somoni were assigned for the swap.
During the visit paid to Tajikistan March 28-April 10, 2013, Mr. Dun noted in a statement released on April 9 that the mission urges the National Bank of Tajikistan to refrain from regulatory forbearance on Agroinvestbonk’s lending practices, and to prevent net new lending by Agroinvestbonk until such time as a new international management team is appointed. To help minimize the fiscal cost of its intervention in Agroinvestbonk, the government should consider re-privatizing Agroinvestbonk by hiring an investment bank to market the government’s share globally. The government should also enforce collections on the loans that it purchased from Agroinvestbonk.
In a report released at a news conference in Dushanbe, the then Deputy Finance Minister Jamoliddin Nouraliyev said on July 25, 2014 that it cannot be ruled out that the government will assume the 100% ownership interest in Agroinvestbonk. The government now owes 52 percent of shares and the remainder is owed by initial founders, whose share decreased after the recapitalization Nouraliyev noted. According to him, 28 percent of the population keeps their deposits at Agroinvestbonk
On April 1, 2015, Murodali Alimardon, who had previously served as Deputy Prime Minister, was appointed to head Agroinvestbonk, replacing Suyunkhon Rustamov.
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and more than 60 other branches across the republic.
Agroinvestbonk is one of the leading providers of finance to micro, small and medium-sized enterprises and the agricultural sector in Tajikistan. Through its substantial rural network it reaches out beyond the capital Dushanbe, to areas where access to finance remains difficult for private entrepreneurs.
