DUSHANBE, September 22, 2010, Asia-Plus — Tajik industrial bank for reconstruction and development, Tajprombank, and the Eurasian Development Bank (EDB) have signed a loan agreement for 3 million U.S. dollars.
The agreement was inked here on September 22 by Jamshed Ziyoev, the head of Tajprombank, and Marat Zhaukenov, the deputy chairman of EDB’s Board.
According to Jamshed Ziyoev, the loan is provided for one year at 12 percent annual interest and the amount of this loan is allocated to finance microloan program in Tajikistan.
“It is already the second joint project of Tajprombank and EDB,” said Ziyoev, “Our cooperation with EDB started in October 2009 and Tajprombank was determined as agent bank for the EDB first project in Tajikistan – financing the construction of spinning mill in Mastchoh district. 22.54 million U.S dollars in loan were provided for that project.”
Zhaukenov, for his part, noted that Tajprombank would select sub-loanees itself on the basis of certain criteria.
He noted that US$1,000 to US$50,000 sub-loans would be provided for twelve months.
Founded in 1995, Tajprombank, with headquarters in Dushanbe, has 17 branches across the country.
Eurasian Development Bank (EDB) is an international financial organization founded by Russia and Kazakhstan in 2006. The members of the Bank are Russia, Kazakhstan, Armenia, Tajikistan and Belarus (2010). Other states or international organizations can become members by joining the Agreement Establishing the EDB. The Bank has authorized capital in exceeds US$1.5 billion, which was formed of contributions by its member states: Russia (US$1billion), Kazakhstan (US$500 million), Armenia (US$100,000), Tajikistan (US$500,000) and Belarus (US$15 million). The authorized capital may be increased by resolution of the Bank’s Council. The Bank has the status of an international organization, and is subject to international law.
