DUSHANBE, April 1, 2009, Asia-Plus — On Tuesday April 1, President Emomali Rahmon received the EBRD (European Bank for Reconstruction and Development) Business Group Director for South east Europe, the Caucasus and Central Asia, Mr. Oliver Descamps, according to presidential press service.
Cooperation between Tajikistan and the EBRD as well as measures taken by the government to mitigate effects of the global financial crisis were among major topics of the talks.
During the meeting, it was noted that 47 EBRD-sponsored projects for a total amount of more than 150 million US dollars have been implemented in the country and another 12 projects for a total amount of 70 million dollars would be launched this year.
In the course of the talks, Mr. Descamps noted that the EBRD could provide assistance to Tajikistan with mitigation of effects of the financial crisis in four directions, including increase in loan volumes due to the European Union, providing new grants from the bank’s reserves, acceleration of implementation of projects and reducing time of preparation of new projects, the press service said.
The EBRD official also highly appraised the anticrisis program of the government and investment climate crated in Tajikistan.
We will recall that in February this year, the EBRD Board of Directors adopted a new strategy for Tajikistan, in which it sets out its priorities in the country in the next three years.
The strategy identifies the following challenges for the next years: reform of the agricultural sector, including full implementation of the “freedom to farm” and establishment of transferability of land including the ability of the farmers to pledge land as collateral; enhance corporate governance and transparency of large state-owned enterprises in industry; strengthen the supervisory capacity and independence of the financial sector regulator so that financial institutions can operate on a fully commercial basis; further improve governance and regulatory framework in the infrastructure sector to attract private sector participation; and advance the investment climate to foster the development of small and medium-sized enterprises. In its operations over the next three years the EBRD will focus on: fostering the private sector; strengthening the financial sector; and support for infrastructure development.
