DUSHANBE, April 30, 2009, Asia-Plus – IFC, a member of the World Bank Group, completes its leasing development activities in Tajikistan today.
According to press release issued by IFC Tajikistan, the Banking Association of Tajikistan and Association of Microfinance organizations of Tajikistan will take over the lead from IFC in lobbying for leasing market interests, conducting leasing trainings and publishing results of the annual market survey upon the project’s completion. The Banking Association of Tajikistan will also manage a web-site page on leasing issues:
www.abt.tj
At the end of last week, IFC released results of the three-year program to help Tajikistan develop its leasing market. With support from the Government of Switzerland through the State Secretariat for Economic Affairs SECO, IFC assisted local participating financial institutions in closing $32.4 million leasing transactions and enabled them to attract $7 million in additional investment. Thanks to this project the Tajik leasing market has grown by $22.8 million from 2005 to 2008.
In 2007 IFC also helped three Tajik commercial banks establish leasing companies, which have significantly contributed to rapid growth of the leasing market in the country. Among them are such dynamically growing companies like “Leasing Finance”, “Nakhust Leasing” and others. Besides, the “Fist Microfinance Bank” provided a good start to development of microleasing.
The leasing company “Agroleasing Company” is the first in Tajikistan to work with agriculture producers and farmers. As a result of its operations, the major part of assets leased in 2008 was agricultural and processing equipment.
“Leasing is an important source of medium and long-term financing for businesses that play a key role in the development of local production companies and creating new jobs. The Swiss Government is fully satisfied with IFC having played a significant role in supporting the Tajik Government and local companies to originate leases for small and medium enterprises in the country,” – said Ms. Anna Schwarz, National Program Officer for Economic Affairs, Swiss Cooperation Office in Tajikistan.
To develop institutional capacity of leasing institutions, IFC developed training modules and trained over 120 specialists in leasing basics, credit analysis in leasing, microleasing, risk management, human resources management, financial analysis, basics of assets and liabilities management and others.
“IFC has had a strong institution-building role in the development of Tajikistan’s leasing market through strengthening local financial institutions and leasing companies» – said Mr. Tojiddin Pirov, Chairman of the Board of Directors of Tojik Sodirot Bonk (TSB). ”IFC has created a favorable environment for further leasing growth in the country. The Nakhust Leasing will also continue IFC’s efforts to strengthen the leasing market development in Tajikistan,” – added Mr. Firdavs Berdiev, General Manager of Nakhust Leasing.
“We hope that the Government of the Republic of Tajikistan, in its turn, will put maximum efforts to support development of the leasing sector of the country, as this product proved its growing capacity in conditions when the Government has one of primary economic development targets: improvement and diversification of the industrial and production sector of the country; and it is leasing that might become the main financial instrument to reach this target”, said Mr. Rudolf Schoch, Country Director, Swiss Cooperation Office in Tajikistan.
