DUSHANBE, March 30, 2010, Asia-Plus — A new microfinance bank, AccessBank Tajikistan, which announced the start of operations on March 29, will expand the availability of credit for micro and small enterprises in the country.
This microfinance bank will provide financing to private entrepreneurs and smaller businesses throughout Tajikistan.
We will recall that four international financial organizations signed the founding documents for the new AccessBank Tajikistan on July 9, 2009. The new bank is a resident bank under Tajik law and is supervised by the National Bank of Tajikistan (NBT). Its initial capital is 48 million somoni.
AccessMicrofinance Holding AG of Germany holds a 52 % share, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) hold 18% each and the German Development Bank KfW holds 12%.
AccessBank Tajikistan is dedicated to promote the development of the private sector and the low and medium income population of Tajikistan. It will initially offer micro-loans, agribusiness loans, and money transfer services.
The bank will later diversify its portfolio with new products, including small loans, savings and deposit products and credit cards. To facilitate the access to finance for entrepreneurs in rural areas, AccessBank will develop a strong regional presence in Tajikistan. It plans to operate 17 branches throughout the country over the next five years.
