DUSHANBE, February 23, Asia-Plus — Open joint-stock company (OJSC) Orienbonk, which is Tajikistan’s largest commercial bank, receives 35 million somonis (more than $10.1 million) from 110 million somonis allocated by the government for providing loans to cotton-growing farms, Asia-Plus has learned at Orienbonk’s headquarters in Dushanbe.
The received funds will be provided in loans to cotton-growing farms in Khatlon’s Shahritus, Qubodiyon, Nosir Khusrav, Panj, Jaloliddin Rumi (formerly Kolkhozobod) and Qumsangir districts.
Bobokhon Fayzulloyev, the head of the loan department of Orienbonk, said that the bank had already received the first tranche in an amount of 18 million somonis ($5.2 million). The second tranche of 11 million somonis (equivalent to nearly $3.2 million) is expected to be paid in March and the third one in an amount of 6 million somonis ($1.7 million) in September.
According to him, the bank will provide loans to cotton farmers at 12 percent annual interest. “We have not yet begun to provide loans,” said Fayzulloyev, “The issue of pledge is still under consideration.”
Orienbonk has also committed to use 140 million somonis ($40.5 million) of its own funds to provide loans to farming units. The bank has to date provided $3 million in loans from these funds, Fayzulloyev said.
As of January 1 2008, a total capital of Orienbonk has amounted to 156.9 million somonis ($45.2604 million) and its authorized capital stock has amounted to 113.23215 million somonis (more than $32.8 million).
