DUSHANBE, February 22, Asia-Plus — Open joint-stock company (OJSC) Tojiksodirotbonk (TSB) has received 5 million somonis (TJS) from 110 million (equivalent to $31.8525 million) allocated by the government for providing loans to cotton-growing farms, Asia-Plus has learned from Zohir Tohirov, an official with TSB.
According to him, TSB has to date allocated the first tranche of 2.5 million somonis (equivalent to $723,900) to provide loans to some 100 cotton-growing farms in Khatlon’s Yovon and Farkhor districts. TSB provides loans to cotton farmers at 18 percent annual interest, the TSB official said
“The second tranche in an amount of 1.5 million somonis ($434,400) is expected to be received from the national budget in March, and the remaining 1 million somonis (equivalent to some $289,600) will be provided in August,” Tohirov said, noting those funds would also go to providing loans to farming units in the mentioned districts.
In the meantime, TSB has to date received applications from cotton farmers for loans for a total amount of 12 million somonis, Tohirov noted. “Our specialists are currently studying the situation and seeking additional sources to provide loans to the cotton-growing farms,” he said, adding that the bank has provided 4 million somonis of its own funds to small cotton-growing farms since the beginning of the year.
TSB was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking. Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”. In June 1999 the bank was renamed and registered as Tojiksodirotbonk or TSB.
Headquartered in Dushanbe, TSB has 9 branches in the main cities of Tajikistan and covering all regions of the country. Its clients include the biggest Tajik trading companies, other enterprises, entrepreneurs, and some of the embassies and diplomatic organizations based in Dushanbe.
As of January 1, 2008, TSB’s authorized capital stock has amounted to 92 million somonis, and its regulative capital has amounted to 112 million somonis.
