Dushanbe, Tajikistan, July 10, 2009
—IFC, a member of the World Bank Group, is supporting the establishment of a new microfinance bank - AccessBank Tajikistan - with a $2 million equity investment to expand access to finance for micro, small, and medium enterprises in the country.
The new bank, which is expected to start operating in the fall of 2009, will function as a closed joint stock company with a full banking license. AccessBank Tajikistan, which will offer a broad range of financial services to small entrepreneurs, will have a strong regional presence throughout the country.
In addition to equity finance IFC will provide an advisory services package to help introduce microfinance best practices; ensure adherence to international social, environmental, and anti-money laundering standards; and train local staff. IFC has participated as a founding shareholder in numerous microfinance banks worldwide and will share its accumulated experience with the new bank.
“This project demonstrates our strong belief in the potential of Tajikistan’s private sector,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “This bank will expand the financial services offered to the market and will enhance the ability of small businesses to create jobs and sustainable growth.”
AccessBank Tajikistan’s other investors are Access Microfinance Holding AG , the European Bank for Reconstruction and Development, and KfW Bankengruppe.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
