Dushanbe, Tajikistan, March 29, 2010
—IFC, a member of the World Bank Group, is helping a new microfinance bank in Tajikistan expand the availability of credit for micro and small enterprises. AccessBank Tajikistan, which announced the start of operations today, will provide financing to private entrepreneurs and smaller businesses throughout the country.
IFC invested $2 million in equity and provided advisory support to help the bank’s startup. The bank will operate as a closed joint stock company with a full banking license. IFC also may consider providing additional debt financing to help the bank grow its lending operations.
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “We are happy to support AccessBank Tajikistan. Smaller enterprises are crucial for developing the economy, boosting the services and trade sectors, and contributing to the expansion of the middle class. We will continue to back the new bank and wish it much success.”
The bank is expected to have a strong outreach and effect on the sustained growth of micro and small businesses. It plans to operate 17 branches throughout the country and to support over 37,000 loan disbursements over the next five years.
In addition to IFC, the bank’s other shareholders are Access Microfinance Holding, the European Bank for Reconstruction and Development, and KfW Bankengruppe.
IFC supports microfinance activities worldwide and is one of the largest investor in the sector. As of June 2009, IFC’s global commitments in the sector exceeded $1.3 billion in 189 projects.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD
,
it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by supporting microfinance institutions in the emerging markets worldwide.
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 $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
