43911 - BOP IMON SL

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Summary of Investment Information

Project Number

43911

Company Name

CJSC Bank Imon International

Date SPI Disclosed

Apr 20, 2022

Country

Tajikistan

Region

Central Asia and Turkiye

Projected Board Date

May 24, 2022

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Dec 3, 2025

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : May 26, 2022
Signed : Jun 17, 2022
Invested : Aug 19, 2022

Sector

Microfinance and Small Business - Non Commercial Banking

Additional Project Attributes

Blended Finance

Project Description

The proposed project is a 3-year straight senior loan of up to US$5 million denominated in Tajik somoni (TJS) to Closed Joint Stock Company Microcredit Deposit-Taking Organization “IMON International” (IMON or the Company), Tajikistan’s largest microfinance institution (MFI) and the fourth largest financial institution. The Project will be processed under IFC’s Base of the Pyramid program and will enable IMON to provide much needed local currency funding to micro and small enterprises (MSEs) to help them recover from the economic shock of the pandemic (the Project). The Project is expected to benefit from IDA Private Sector Window (PSW) Pooled First Loss Guarantee to help de-risk the Project and IDA-PSW Local Currency Facility to help support the local currency financing.

Associated Advisory Engagement

Not applicable

Sponsor / Cost / Location

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

Development Impact

Increased access to finance for MSEs through provision of financing to make investments in inventory and inputs necessary to resume full economic activity post COVID. Contribute to market resilience in the Tajik financial sector by sending a positive signal to boost investor confidence and demonstrating the viability of supporting the sustainability and recovery of financial institutions.

E&S Category Rationale / Risks and Mitigation

The project involves a straight senior loan to IMON, a microfinance organization in Tajikistan to provide funding to micro and small enterprises (MSEs). The MSE portfolio is invested in consumer loans, services, agriculture, trade, mortgages, and small-scale manufacturing. The environmental and social (E&S) risks of the company's portfolio are low and carry minimal or no adverse environmental and social impacts. The project has therefore been categorized as FI-3 in accordance with the IFC's Sustainability Policy. IMON is a former IFC client, and, as such, has developed and maintained an Environmental and Social Management System (ESMS) which is regularly reviewed and updated. The ESMS is applicable to the company's entire portfolio and mandates assessing portfolio's alignment with the Exclusion List, national E&S and OHS requirements, and any potential E&S risks. The E&S assessment procedure includes screening loans against Exclusion List, loan categorization into low, medium or high E&S risk category, E&S due diligence for medium and high-risk loans using ESDD forms, and E&S monitoring and reporting. Proper internal capacity, including regular E&S training, has been built. For this Project, the company will continue to duly implement the ESMS for all MSE business lines in line with the IFC Exclusion List and applicable E&S national laws and regulations; maintain E&S staff and regular E&S training programs; and be aligned with Life and Fire Safety requirements as well as the requirements of the IFC's Performance Standard 2 on Labor and Working Conditions. The Project will not support Exclusion List activities and/or borrowers involved in coal related and higher-risk business activities that may include: (i) involuntary resettlement, (ii) risk of adverse impacts on indigenous peoples, (iii) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or (iv) significant occupational health and safety risks.

Contacts

For Inquiries About the Project, Contact

Closed Joint Stock Company Microcredit Deposit-Taking Organization “IMON International”
Iso Abdusamiev
Head of Investor Relations Unit
+992 342242353
iabdusamiev@imon.tj
17 microdistrict, building 2, Khujand, Tajikistan
www.imon.tj

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