Summary of Proposed Investment
Project Number
25598
Company Name
INVESTMENT AND CREDIT BANK CJSC
Date SPI Disclosed
May 6, 2008
Country
Tajikistan
Industry
Financial Markets
Projected Board Date
Jun 6, 2008
Status
Completed
Sector
Microfinance and Small Business - Non Commercial Banking
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 27, 2008
Signed : Jun 30, 2008
Invested : Aug 7, 2008
Project Description
The project is to provide a loan of $3.0 million to the First Micro Finance Bank of Tajikistan (FMFB-T or the Bank), an existing IFC client that has been providing credit and other financial services in rural and urban areas. The loan is expected to facilitate expansion of FMFB-T’s microfinance activities throughout Tajikistan.
IFC would play an important developmental role by providing FMFB-T with additional longer term resources for on-lending to Micro and Small Enterprises (MSEs), which have difficult access to long term funding.
FMFB-T has been building on the experience of the Microfinance Programmes of Aga Khan Fund for Economic Development in Tajikistan. FMFB-T, headquartered in Dushanbe, was granted a banking license by the National Bank of Tajikistan in September 2003.
The Bank currently has regional branches in four urban centres: Gharm (serving the Rasht Valley), Khorog (serving the Gorno Badakhshan region), Khujand (serving the Sugd region) and Kulyab (serving Khatlon region). These branches are supported by a far-reaching network of over thirty small district offices in surrounding communities and rural areas.
As of February 28, 2008, FMFBT had a total loan portfolio of $20 million and a client base of over 16,900 people, 31% of whom are female. FMFB-T’s average loan size is about $1,100 with a repayment rate of over 99%. FMFB-T employs a staff of over 270 dedicated professionals.
IFC has a $0.85 million equity investment in FMFB-T, representing 14.6% ownership stake. Since 2005, FMFB-T has participated in the IFC Central Asia Leasing Advisory Program funded by the Swiss State Secretariat for Economic Affairs.
IFC would play an important developmental role by providing FMFB-T with additional longer term resources for on-lending to Micro and Small Enterprises (MSEs), which have difficult access to long term funding.
FMFB-T has been building on the experience of the Microfinance Programmes of Aga Khan Fund for Economic Development in Tajikistan. FMFB-T, headquartered in Dushanbe, was granted a banking license by the National Bank of Tajikistan in September 2003.
The Bank currently has regional branches in four urban centres: Gharm (serving the Rasht Valley), Khorog (serving the Gorno Badakhshan region), Khujand (serving the Sugd region) and Kulyab (serving Khatlon region). These branches are supported by a far-reaching network of over thirty small district offices in surrounding communities and rural areas.
As of February 28, 2008, FMFBT had a total loan portfolio of $20 million and a client base of over 16,900 people, 31% of whom are female. FMFB-T’s average loan size is about $1,100 with a repayment rate of over 99%. FMFB-T employs a staff of over 270 dedicated professionals.
IFC has a $0.85 million equity investment in FMFB-T, representing 14.6% ownership stake. Since 2005, FMFB-T has participated in the IFC Central Asia Leasing Advisory Program funded by the Swiss State Secretariat for Economic Affairs.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Jacques Gilman
CEO, First Microfinance Bank Tajikistan (FMFB-T)
105, Rudaki Avenue, Dushanbe, Republic of Tajikistan.
Phone: (992 37) 228 93 10 or 228 93 14
Fax: (992 37) 251 02 27
CEO, First Microfinance Bank Tajikistan (FMFB-T)
105, Rudaki Avenue, Dushanbe, Republic of Tajikistan.
Phone: (992 37) 228 93 10 or 228 93 14
Fax: (992 37) 251 02 27
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
Local Access of Project Documentation
First Microfinance Bank Tajikistan (FMFB-T)
105, Rudaki Avenue, Dushanbe, Republic of Tajikistan
Phone: (992 372) 24 93 10 or 24 93 14
Fax: (992 372) 51 02 27
105, Rudaki Avenue, Dushanbe, Republic of Tajikistan
Phone: (992 372) 24 93 10 or 24 93 14
Fax: (992 372) 51 02 27