DUSHANBE, April 2, 2015, Asia-Plus – Ex-Deputy Prime Minister Murodali Alimardon has been appointed to head Open Joint Stock-Company (OJSC) Agroinvestbonk, which is considered the second largest commercial bank in Tajikistan.
According to information posted on Agroinvestbonk’s website, by the Agroinvestbonk Supervisory Board’s decision Murodali Alimardon was appointed to head Agroinvestbonk, replacing Suyunkhon Rustamov.
The Agroinvestbonk Supervisory Board is headed by First Deputy Minister of Finance Jamoliddin Nouraliyev and its members include Deputy Finance Minister Jamshed Shermatov, Zaki Zavqizoda, Bahodur Saidmurodov and Vice-Chancellor of Tajik University of Finance and Economics Ilhomuddin Ibrohimov.
Established in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and more than 60 other branches across the republic.
Agroinvestbonk is one of the leading providers of finance to micro, small and medium-sized enterprises and the agricultural sector in Tajikistan. Through its substantial rural network it reaches out beyond the capital Dushanbe, to areas where access to finance remains difficult for private entrepreneurs.
In August 2009, the European Bank for Reconstruction and Development (EBRD) acquired a stake of 25 percent + 1 share in Agroinvestbonk for up to 50 million somoni (US$11.5 million equivalent).
In December 2012, the Government of Tajikistan recapitalized Agroinvestbonk with 200 million somoni in order to support it.
During the visit paid to Tajikistan March 28-April 10, 2013, Mr. Dun, the head of the International Monetary Fund (IMF) staff team, noted in a statement released on April 9 that “The financial system should be strengthened so that it can attract and intermediate savings to support investment and job-creating growth. This requires the establishment of financial accountability, the improvement of governance at some banks, and the elimination of directed lending.”
“In this regard, resolving Agroinvestbonk in line with good international practice is a high and urgent priority. To protect the value of Agroinvestbonk and the government’s investment in the bank, the mission recommends that the government hires, on a competitive basis, a reputable international management team to run the bank.
“The mission urges the National Bank of Tajikistan to refrain from regulatory forbearance on Agroinvestbonk’s lending practices, and to prevent net new lending by Agroinvestbonk until such time as a new international management team is appointed. To help minimize the fiscal cost of its intervention in Agroinvestbonk, the government should consider re-privatizing Agroinvestbonk by hiring an investment bank to market the government’s share globally. The government should also enforce collections on the loans that it purchased from Agroinvestbonk.”
