DUSHANBE, March 12, Asia-Plus – Open joint-stock company (OJSC) AgroInvestBonk is introducing new credit products: group crediting and agricultural loan.
Jalil Tavakkalov, the head of the AgroInvestBonk department for crediting and active operations, said that those two types of crediting had already been introduced in a number of pilot districts, including Tursunzoda, Hissor, Rudaki and Hamadoni.
According to him, the results have proved to be positive and the bank plans to have introduced these types of crediting in all its branches already this month. “A group of not less than five persons who know each other well enough to guarantee repayment of the group loan,” said Tavakkalov, “Every group member takes loan for his/her own business, whereas they repay loan as a group”
The AgroInvestBonk official added that the banks plans to have doubled provision of loans and bring it up to 760 million somonis this year due its own and attracted resources as well as due to loans repaid during the year.
According to him, residents of mountain rural areas will receive microloans up to 1,000 somonis (equivalent to some $300) carrying a monthly interest rate of 2.5 percent. “Our bank also plans to extend its presence in the cotton sector through providing loans to cotton-growing farms,” Tavakkalov said, noting that they are currently considering applications for loans received from farmers in the northern districts of Isfara and Konibodom.
Besides, in cooperation with international financial instittuions the bank is currently working out a series of projects on leasing agricultural machines, according to him. “AgroInvestBonk will participate, in particular, in the projects funded by the European Bank for Reconstruction and Development (for an amount of $2.5 million) and the International Finance Corporation (for an amount of $5 million) aimed at development of agribusiness and leasing of agricultural equipment and machines” the AgroInvestBonk official said.
“In 2006, AgroInvestBonk provided different loans for a total amount of 380 million somonis,” Tavakkalov noted.
Founded in 1992, AgroInvestBonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and 57 other branches across the republic. AgroInvestBonk’s declared capital includes 270,000 shares, valued at 27 million somonis. The face value of one share is 100 somonis.
