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Dushanbe, Tajikistan, November 26, 2013
—IFC, a member of the World Bank Group, will provide a loan of $1.5 million to FINCA MDO, a leading micro-finance organization in Tajikistan. IFC’s investment will help FINCA increase access to finance for micro, small, and medium enterprises (MSMEs) in remote areas of the country, spurring growth, creating jobs, and reducing poverty.
IFC and FINCA also signed an agreement that will help FINCA manage currency risks and facilitate local currency lending.
“FINCA aims to bring more opportunities to disenfranchised communities throughout Tajikistan by offering them a range of high quality financial services,” said Jerrold Smelcer, CEO of FINCA. “The cooperation with IFC will further enable FINCA in its effort to empower our customers and allow them to take charge of their lives.”
Microfinance loans currently account for 3.6 percent of the country’s GDP, so the sector has room to grow.
“Increasing access to finance for MSMEs and promoting sustainable lending through microfinance is one of IFC’s priorities in Tajikistan,” said Aftab Ahmed, Director of IFC’s Global Financial Markets Department for Europe, Central Asia, the Middle East and Northern Africa. “Through investment and advisory services, IFC has been supporting the microfinance sector to stimulate entrepreneurship and help low-income households across Tajikistan increase their living standards.”
Tajikistan became a member of IFC in 1994. Since 1997, IFC has invested $81 million to support 33 private sector projects in the financial, hydro power, retail, tourism, and manufacturing sectors. IFC began advisory services projects in the country in 2004.
About IFC
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
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About FINCA
Established in 2003, FINCA MDO LLC is a subsidiary of FINCA Microfinance Holding Company, owned and managed by FINCA International, one of the world’s largest microfinance organizations. The primary mission of FINCA is to provide financial services to the lowest-income entrepreneurs so they can create jobs, build assets, and improve their standard of living. FINCA Tajikistan is located in rural areas and semi-urban communities that have insufficient access to credit and other financial services. Lending to women in business represents approximately one-third of the company’s total portfolio. Headquartered in Dushanbe, FINCA Tajikistan runs a network of 35 branches and sub-branches, holding a leading position and strong outreach in southern Tajikistan, one of the country’s poorest regions. To learn more about FINCA, visit
http://www.finca.tj
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