Open Joint-Stock Company (OJSC) Agroinvestbonk has resumed serving credit cards and paying out money to its customers.
Currently, each customer is able to withdraw up to 600 somoni from the bank’s ATMs per day, according to the Agroinvestbonk’s official website.
Recall, Tajikistan’s lower house (Majlisi Namoyandagon) of parliament on December 21 seconded the government’s decision to issue debt securities for capitalization of four distressed commercial banks.
The securities, guaranteed by the National Bank of Tajikistan (NBT), are expected to be issued in the near future.
The government will provide 3.85 billion somoni in securities for realization to four commercial banks of the country – Agroinvestbonk, Tojik Sodirot Bonk (TSB), Tajprombank (Tajik Joint-Stock Commercial Industrial Bank for Reconstruction and Development), and Fononbank.
TSB will receive debt securities for a total amount of 2.25 billion somoni, Agroinvestbonk – 1.7 billion somoni, Tajprombank – 450 million somoni, and Fononbank – 80 million somoni.
The debt securities are given to the banks on the security of their movables and real estate and supervisory boards will be appointed for the mentioned commercial banks.
The government says the list of assets of Agroinvestbonk includes more than 730 properties located in various regions of the country, including the bank headquarters in Dushanbe, main branches in Khorog, Khujand, Kulob and Qurghon Teppa, 60 other branches across the country and five service centers. Besides, the bank possesses resort zones in Varzob district, small enterprises, farming units, shopping centers, shops, cafes, drugstores, refueling stations, service stations, warehouses, consumer service centers, and many apartments and residential buildings.
Founded in 1992, 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.
The government now owes 52 percent of shares and the remainder is owed by initial founders, whose share decreased after the recapitalization.
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 Agroinvestbonk 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.
Murodali Alimardon, who had previously served as Deputy Prime Minister, was appointed to head Agroinvestbonk on April 1, 2015, replacing Suyunkhon Rustamov.
