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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.
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
.
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
.
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