DUSHANBE, August 17, 2012, Asia-Plus – International Finance Corporation (IFC) is helping micro-lender Humo and Partners to expand leasing of agricultural equipment in the cities of Qurghon Teppa and Tursunzoda, improving access to finance in rural Tajikistan and enabling farmers to make their operations more productive and profitable, press release issued by IFC said.
The IFC Tajikistan Agribusiness Finance and Business Environment Project, funded by the European Union, will develop a leasing methodology for Humo and Partners, and train its staff to assess potential clients and process leasing transactions.
“With IFC’s support, we will be able to establish a strong agricultural equipment leasing portfolio in south and central Tajikistan while maintaining strong asset quality and monitoring of lease projects,” said Mavsuda Vaisova, General Director of Humo and Partners.
The IFC Tajikistan Agribusiness Finance and Business Environment Project aims to improve the regulatory and policy environment for agribusiness, as well as to improve access to finance through agricultural equipment leasing and finance. The project provides advisory services to financial institutions in order to build capacity for leasing operations, and supports government agencies in implementing reforms that benefit the agricultural sector.
“IFC surveys indicate that farmers and processors lack access to finance for new agricultural equipment,” said Adkham Ergashev, Acting Project Manager for IFC. “We will help Humo and Partners to develop a leasing methodology as well as a pipeline of clients to grow its lease finance portfolio, which will enable farmers in the rural areas to acquire modern and efficient agricultural equipment.”
IFC has expanded its investment program in Tajikistan significantly in the last three years, with commitments of $23 million in 11 projects in financial markets, manufacturing, and infrastructure. IFC’s advisory program in Tajikistan is its largest among Central Asian countries.
Programs focus on strengthening financial markets through the development of credit information systems, microfinance, agricultural finance, and leasing. IFC’s corporate governance program promotes transparency and good governance in larger corporations.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, IFC’s investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.
The European Union is made up of 27 Member States who have decided to gradually link together their know-how, resources and destinies. Together, during a period of enlargement of 50 years, they have built a zone of stability, democracy and sustainable development whilst maintaining cultural diversity, tolerance and individual freedoms. The European Union is committed to sharing its achievements and its values with countries and peoples beyond its borders. To this end the EU is active in Tajikistan since 1992 and provides approximately EUR 25 million annually in development assistance.
