Dushanbe, March 28, 2014—IFC, a
member of the World Bank Group, is providing a $5 million-equivalent loan
to IMON International, Tajikistan’s leading microfinance institution,
to expand lending to micro, small, and medium enterprises in the country’s
remote and rural areas.
IFC’s investment will provide long-term
local currency funding, which is scarce in the Tajik market, and help the
company meet the needs of the over 75,000 entrepreneurs it serves through
its branch network.
“This IFC financing will help us increase
the supply of affordable credits to farmers, small businesses, and female
entrepreneurs, creating income and new jobs,” said Sanavbar Sharipova,
IMON International’s CEO. “We also plan to open additional branches,
expand credit for the agri-sector, and strengthen rural financing.”
Edward Strawderman, Associate Director,
Europe and Central Asia, of IFC's Financial Institutions Group, said: “IFC
is one of a few financial organizations that extend long-maturity risk
management products to companies in emerging markets. This local currency
investment in IMON International reinforces our shared commitment to microfinance
in Tajikistan, where a lack of access to finance has traditionally hindered
small company growth.”
Since 2011, IFC has provided local currency
funds to IMON International totaling $10 million to boost lending to small
businesses. In 2013, with IFC’s help, IMON International successfully
rolled out deposit operations.
This initiative is part of IFC’s broader
effort to support micro, small, and medium enterprises in emerging Europe
and Central Asia. During the 2013 fiscal year, which ended in June, IFC
invested $2.25 billion in 82 financial markets projects to boost access
to finance with a focus on fragile and conflict-affected states and the
frontier regions of middle-income countries.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org.
About IMON International
Closed joint-stock company microcredit
deposit-taking organization IMON INTERNATIONAL was found in 1999 and licensed
by the National Bank of Tajikistan in 2013 for microcredit deposit operations.
As of February 28, 2014, its’ credit portfolio stood at about $109 million
with the total number of clients of more than 75,000. IMON International
operates through a network of 120 branches throughout the country. To
learn more about IMON International, visit http://imon.tj.