DUSHANBE, February 27, Asia-Plus — Open joint-stock company (OJSC) Agroinvestbonk, one of Tajikistan’s largest commercial banks, has received 35 million (equivalent to more than $10.1 million) somonis (TJS) from the government for providing loans to cotton-growing farms, Asia-Plus has learned at Agroinvestbonk headquarters in Dushanbe.
These funds will be provided in loans to eleven districts in the Khatlon province: Yovon; Vakhsh; Khuroson; Bokhtar; Farkhor; Vose; Kulob; Hamadoni; Jilikul; Danghara and Jomi.
The bank has already received the first tranche in an amount of 18 million TJS ($5.2 million), and the second tranche of 10 million TJS (nearly $2.9 million) is supposed to be paid in March-April and remaining 7 million somonis will be provided in August-September for preparation of the cotton-harvesting campaign.
The bank has to date provided 6.6 million in loans to 273 farming units in Khatlon at 18 percent annual interest.
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and 57 other branches across the republic. Agroinvestbonk’s declared capital includes 270,000 shares, valued at 27 million somonis. The face value of one share is 100 somonis. As of January 1, 2008, the bank’s authorized stock has amounted to 54 million somonis (equivalent to some #15.636 million).
