The First MicroFinanceBank (FMFB) has been selected as the Financial Service Provider to maintain a secure and cost efficient delivery system to transfer cash assistance to UN World Food Programme (WFP) beneficiaries in order to meet their immediate nutritional needs.
According to FMFB, WFP has partnered with the local Government to continue supporting vulnerable households in Tajikistan through the Food Assistance for Assets (FFA) program via Cash Based Transfer (CBT).
Under this initiative, beneficiates will receive cash assistance to address their immediate food needs, while they build or boost assets, such as rehabilitating irrigation canal, reducing risks and impact of shocks, increasing food productivity, and strengthening resilience to natural disasters. The FFA program will be implemented in jamoats of 16 districts of Sughd, Khatlon, DRD, and GBAO regions.
FMFB and WFP reportedly agreed to jointly support the objectives of Sustainable Development Goals, addressing the root causes of food insecurity and malnutrition, as well as to build resilience. FFA beneficiaries will gain access to financial products and services offered by FMFB and will receive financial literacy training.
Yenten Lama, CEO of FMFB Tajikistan and Alberto Correia Mendes, WFP Representative and Country Director signed the document on behalf of their respective organizations. Senior management from WFP and FMFB were also in attendance.
At the signing ceremony between the two organizations, WFP Representative and Country Director, Alberto Correia Mendes, remarked, “WFP has mainstreamed cash-based transfers into its programs and offers an expanded set of tools to address hunger and promote growth and development. It is wonderful to see the private sector and humanitarian sector working together support local communities”
After signing the agreement, CEO of The First MicroFinanceBank, Yenten Lama, remarked, “FMFB is pleased to be partnering with WFP on this initiative. FMFB is a commercial bank operating with a social mission to improve the quality of life of people in Tajikistan by providing access to finance and banking services. Working with WFP’s FFA program will help the Bank to continue to serve customers in some of the most remote areas of Tajikistan.”
The UN World Food Programme (WFP) is the world largest humanitarian agency fighting hunger worldwide. On average, WFP reaches more than 80 million people with food assistance in 75 countries. Formed in 1961 from its Headquarter in Rome, Regional Bureau and its offices in more than 80 countries, WFP pursues a vision of the world in which everyone has access, at all times, the food needed for an active and healthy life.
The First MicroFinanceBank (FMFB) is a commercial bank with a significant micro-finance presence in the country. The Bank provides a comprehensive range of financial services in all the regions in the country. It strives to support the development of the economy and to alleviate poverty by providing access to credit, savings and remittance services for its target population. In addition to the Head Office and branches in Dushanbe, the Bank also has branches in Bokhtar, Gharm, Khorog, Khujand and Kulob. A far-reaching network of 32 district offices serving semi-urban and rural areas supports the branches.
