This news was read users

10-02-2015, 11:57

EBRD provides loan to AccessBank to finance MSMEs in Tajikistan


Avesta.Tj | 10.02.2015 | The European Bank for Reconstruction and Development (EBRD) will boost its support for the financial sector in Tajikistan with a multi-currency loan facility, equivalent to 5 million U.S. dollars, to AccessBank Tajikistan CJSC for the benefit of its micro, small and medium-sized enterprise (MSME) customers, the bank's country office said here Tuesday.

The EBRD aims to boost local currency lending in Tajikistan, to build up local sources of domestic funding and reduce the use of foreign exchange in the country’s financial system.

"The EBRD has been promoting local currency loans in Tajikistan to decrease foreign currency risk for financial institutions and local enterprises. This new multi-currency loan will provide AccessBank Tajikistan with flexibility and aims to help the bank increase its share of local currency lending to small businesses,” said Richard Jones, head of the EBRD Resident Office in Dushanbe.

AccessBank is a microfinance bank established in April 2010 with the participation of the EBRD, International Finance Corporation (IFC), KfW and AccessHolding to create a financial institution that offers a wide range of loan and deposit products to MSMEs in Tajikistan, a country with one of the lowest levels of financial intermediation. To date, AccessBank Tajikistan has received 8 million U.S. dollars in debt and equity financing from the EBRD.

The bank’s vision is to become the leading microfinance institution in Tajikistan and to set new standards for the domestic banking industry in terms of professionalism, transparency and efficiency. By delivering appropriate financial services to its target group, AccessBank seeks to contribute to private sector growth and investment, thus helping to create new business and employment opportunities for the Tajik population.

Since the beginning of its operations in the country, the EBRD has invested close to 320 million U.S. dollars in Tajikistan across many sectors of the economy.