DUSHANBE, February 21, Asia-Plus – On Wednesday February 21, The First MicroFinance bank in Tajikistan (FMFB-T) signed a loan with the microlending organization Imkoniyat, Shuhrat Shodmonov, marketing specialist with FMFB-T, said in an interview with Asia-Plus.
According to him, it is eighth loan agreement between FMFB-T and Tajik microlending organization in cooperation with Tajik Microfinance Organizations’ Association and German Technical Cooperation Agency (GTZ).
“This loan will promote providing microloans to population of the remote areas and contribute to development of non-banking financial sector of the country,” Shodmonov said.
According to Tajik central bank, at present 30 microlending organizations, including Humo, Imon, MicroInvest, Chiluchor Chashma, Jovid, Madina, Imkoniyat, operate in Tajikistan.
Established in 2003, The First MicroFinance Bank was the first commercial bank in Tajikistan with a principal focus on the provision of microcredit lending. The Bank has a national mandate to provide a comprehensive range of financial services to the poor throughout the country. In addition to its Head Office in Dushanbe, the bank currently has branches in Khorog, Gharm and Khujand and will open another branch in the Khatlon province this year. These branches are supported by a far-reaching network of district offices serving peri-urban and rural areas.
The Bank is affiliated with the Aga Khan Development Network (AKDN) – a group of nine development agencies working in health, education, culture and rural and economic development, primarily in Asia and Africa.
The Bank”s equity is held by two AKDN agencies, as well as the International Finance Corporation (IFC) and Germany”s KfW Banking group. The international reputation and financial strength of these shareholders play an important role in building local confidence in the Bank”s durability and the security of customer deposits. The Bank also receives vital technical support from KfW and the Canadian International Development Agency (CIDA).
Services currently available are loans, deposit services, foreign exchange, commercial banking, and international fund transfer.
