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10-02-2015, 10:15

IFC allocates over 16 mln USD forTajikistan’s leading microfinance institution

 

Avesta.Tj | 10.02.2015 | The International Finance Corporation (IFC) mobilized 16.5 million U.S. dollars, including 5 million U.S. dollars from its own account, for IMON International, Tajikistan’s leading microfinance institution, to boost lending to micro, small, and medium enterprises in the country’s remote and rural areas, the IFC country office said Tuesday.


The local currency loan is IFC’s first parallel financing in Tajikistan. It will be complimented by investments mobilized by IFC from PROPARCO, a subsidiary of Agence Française de Développement (AFD), and the OPEC Fund for International Development (OFID), which is making its first private sector investment in the country.


In Tajikistan, IFC makes local currency loans using a swap facility established with the National Bank of Tajikistan. Under this agreement, the IFC and Proparco investments will be hedged by converting U.S. dollar-denominated borrowings into Tajik Somoni, while OFID’s loan is being provided in U.S. dollars. By borrowing in their currency of revenue, which is scarce in the local market, Imon International is protected from currency risk.


Since 2008, IFC has provided funds to IMON International totaling 12.5 million U.S. dollars to boost lending to small businesses. These investments were accompanied by advisory services to develop and expand its product range, improve its risk management practices, including environmental and social risks, and assist its transformation into a deposit-taking institution. As a result, IMON successfully launched and rolled out deposit operations in 2013.


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 about 100 countries, IFC uses its capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity.


In 2014, it provided more than 22 billion U.S. dollars in financing to improve lives in developing countries and tackle the most urgent challenges of development.




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