DUSHANBE, July 8, 2008, Asia-Plus – The First MicroFinance Bank in Tajikistan (FMFB) is holding its first ever Meeting of its Board of Directors in Dushanbe on July 9, press released issue by the Aga Khan Development Network (AKDN) aid.
The Board includes representatives of its Shareholders – The Aga Khan Agency for Microfinance, the Aga Khan Foundation Tajikistan, the International Finance Cooperation (IFC) and the Kreditanstalt fuer Wiederaufbau (KfW).
Established in 2003, The First MicroFinance Bank was the first commercial bank in Tajikistan with a principal focus on the provision of microcredit lending. The Bank has a national mandate to provide a comprehensive range of financial services to the poor throughout the country. In addition to its head office in Dushanbe, the bank currently has four regional branches in Khorog, Gharm, Khujand and Kulob and 32 district offices in rural areas.
As of 31 May 2008, FMFB has disbursed USD 20 million to over 6,640 borrowers, employs 308 staff, has outstanding loans of USD 28 million to over 20,000 borrowers, and outstanding deposits of USD 11 million to over 6,157 micro savers.
