DUSHANBE, May 13, 2009, Asia-Plus — Top managers of open joint-stock company (OJSC) Agroinvestbonk yesterday met here with the KfW Bankengruppe (German Development Bank) chief project manager, Ms. Monika Hundser, and representative of this bank, Ms. Silke Hermes.
According to the Agroinvestbonk press service, the main purpose of the visit is for the KfW Bankengruppe representatives is to get acquainted with activity of Agroinvestbonk to promote development of the microfinance sector in the country, in particular, through participation in establishment of the first apex micro-deposit organization, Bovari va Hamkori (Confidence and Cooperation), for provision of microfinance organizations with long-term credit resources.
Speaking at the meeting, the Agroinvestbonk head Niyozmurod Saidmurodov noted that taking into account limited opportunities of Agroinvestbonk connected with high interest rate of its own recourses, the bank leadership jointly with the Association of Microfinance Organization in Tajikistan (AMFOT) had founded the apex organization Bovari va Hamkori. According to him, Bovari va Hamkori is dedicated to attract credit resources from external and domestic markets and provide them to support microlending organizations financing various sectors of small business in rural areas.
For her part, Ms. Hundser noted that KfW highly appraised initiatives of Agroinvestbonk to support development of the microfinance sector in the country, especially under conditions of the global financial crisis and pointed out KfW’ intention to cooperate with Agroinvestbonk and Bovari va Hamkori to support development of small and medium-sized enterprises (SMEs) in Tajikistan.
At the first stage, the German side plans to allocate €4.5 million to support development of SMEs, especially in rural areas, the press service said. Part of these funds is expected to be used as capital and credit resources of Bovari va Hamkori. At the second stage of cooperation, the German bank plans to establish close contacts with commercial banks in Tajikistan and provide them, in particular Agroinvestbonk, with credit resources to support their microfinance lines and strengthen their contributions to reduction of poverty and development of entrepreneurship in the country.
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and 61 other branches across the republic.
KfW Bankengruppe gives impetus to economic, social and ecological development worldwide. As a promotional bank under the ownership of the Federal Republic and the Lander (federal states), it offers support to encourage sustainable improvement in economic, social, ecological living and business conditions, among others in the areas of small and medium-sized enterprise, entrepreneurship, environmental protection, housing, infrastructure, education finance, project and export finance, and development cooperation.
