34332 - IMON SL III

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Summary of Investment Information

Project Number

34332

Company Name

CJSC Bank Imon International

Date SPI Disclosed

Jan 7, 2014

Country

Tajikistan

Region

Central Asia and Turkiye

Projected Board Date

Feb 7, 2014

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Feb 13, 2014
Signed : Mar 6, 2014
Invested : Mar 18, 2014

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed project will be IFC’s third loan to Closed Stock Company Microcredit Deposit Organization ''''IMON International'''' (“IMON”), currently Tajikistan’s largest microfinance company, which was founded in 2005.

The proposed project is to provide a senior loan to IMON, which would use the loan to expand lending to micro and small entrepreneurs. The Company seeks long-term funding to continue its dynamic growth and offer new products to its target clientele. This Project supports a strong financial intermediary with a successful track record of providing funding to local micro entrepreneurs.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	5.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to Microfinance Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

IFC''s additionality in the Project stems from the following advantages:
1) Enhancing IMON''s ability to increase its lending capacity in longer tenors and local currency to the underserved micro entrepreneurs in rural areas of Tajikistan;
2) Supporting IMON''s efforts to diversify and increase the volume of its funding and to better manage its assets and liabilities at a time of limited funding opportunities; and
3) Creating a demonstration effect for other Tajik microfinance and microcredit institutions to better manage their assets/liability positions.

E&S Category Rationale / Risks and Mitigation

This project involves IFC support for IMON, a microfinance institution in Tajikistan, to support the growth of the Company''s microfinance portfolio, which focuses mostly on lending to micro and small entrepreneurs particularly in rural areas, and has been categorized as FI-3 in accordance with IFC''s Sustainability Framework. During appraisal IFC reviewed IMON''s portfolio and environmental and social (E&S) management capacity. The Company''s portfolio has low E&S risks, given its exposure to mostly micro and small enterprises and retail banking. IMON is an existing IFC client. The Company has developed environmental and social management system (ESMS) and is screening its investments against IFC Exclusion List and Tajik environmental and social laws and regulations. As part of this project, the Company agreed to: (i) submit the final revised version of ESMS with all the corresponding E&S due diligence forms (used both at appraisal and monitoring stages) and E&S sections of its Lending Policy, (ii) develop an internal process to report on E&S issues to its senior management, and (iii) submit ten examples of environmental and social due diligence forms. The Company''s portfolio includes subprojects with mainly potentially limited adverse E&S risks and impacts that are generally site-specific, largely reversible and readily addressed through mitigation measures.

Contacts

For Inquiries About the Project, Contact

CSC MDO IMON INTERNATIONAL
17th microdistrict, house 2Khujand, Tajikistan, 735700

Attention: Sanavbar Sharipova, General Director.
Facsimile No.: 992 3422 25744
Telephone No.: 992 3422 42353

http://www.imon.tj

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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