Khojand, Tajikistan, October 11, 2007
— IFC, a member of the World Bank Group, today announced that Eskhata Bank has become the first bank in Tajikistan to join its Global Trade Finance Program. The program will help the bank expand its capacity, improving access to trade finance for small and medium enterprises in the country.
The Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Under the program, IFC provides guarantee coverage of bank risk in emerging markets, allowing the banks to expand their trade finance operations within an extensive global network.
“Increasing access to trade is a key force in fostering economic growth and development. This transaction is in line with our strategy to expand our activities in frontier markets like Tajikistan, helping increase their share of global trade,“ said Michel G. Maila, IFC Vice President for Risk Management
.
“We are pleased to work with Eskhata Bank. The program will help expand the bank’s global reach, opening new markets and increasing business opportunities for its small business clients,“ said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
About Eskhata Bank
Eskhata Bank was established in 1993. It is a regional bank based in Khojand, Tajikistan’s second-largest city and major commercial center. Its primary business lines are small and medium enterprise banking, foreign exchange, and remittance services. Eskhata Bank is the fifth-largest bank in Tajikistan ranked by total assets. The bank has a network of eight branches located in Khojand, the other major centers of the Sogd Region, and Dushanbe.
