26758 - AccessBank Tajikistan JSC

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Summary of Proposed Investment

Project Number

26758

Company Name

ACCESSBANK TAJIKISTAN CJSC

Date SPI Disclosed

May 8, 2008

Country

Tajikistan

Industry

Financial Markets

Projected Board Date

Jun 9, 2008

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Date Revised SPI Disclosed

May 27, 2008

Department

Regional Industry FIG MCT

Environmental Category

Previous Events

Approved : Jun 22, 2009
Signed : Jun 25, 2009
Invested : Mar 15, 2010

Project Description

AccessBank Tajikistan JSC (Tajik Access or the project) is a greenfield microfinance bank which will be headquartered in Dushanbe (the country’s capital) towards the end of the second quarter/beginning of third quarter of 2008. Operating under a commercial bank license granted by the National Bank of Tajikistan (NBT), the country’s Central Bank, Tajik Access will seek to offer a broad range of financial services to micro, small and medium-sized enterprises in Tajikistan.

It is the sponsor’s vision that Tajik Access will become the leading microfinance/SME bank in Tajikistan and will set new standards in the country’s banking sector in terms of professionalism, transparency and efficiency. The project will initially focus on providing credit to micro and small businesses (on the basis of a cash flow-oriented credit technology), as well as basic savings and payments services.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	1.98

Development Impact

Development of Financial Sector:

IFC supports the development of a holistic financial sector, with interventions at the macro, meso and micro levels. IFC''s work in Tajikistan is an example of how the investment and advisory programs work together to build an enabling regulatory environment for microfinance and to create a new, best practice institution with the ability to demonstrate sustainable delivery of financial services to the micro and small segments of the market.

Commercialization of Industry:

IFC’s main role lies in facilitating the process of commercialization of the industry. Commercialization enables MFIs to better leverage their equity, increasing their ability to serve significantly more clients, and offer them a wider range of financial products and services. The Project will also allow IFC to further develop and nurture a diversified network of investment partnerships and promote commercial microfinance by creating a demonstration and replication effect through the endorsement of microfinance as an attractive and profitable new asset class to commercial individual and institutional investors. Furthermore, IFC’s commitment to AMH’s network investments is likely to be a strong catalyst to attracting other international financial institutions as investors.

Equity/AS Package:

IFC will be a founding shareholder in the project and will bring a package of equity and advisory service to support the capacity building phase of the project. IFC''s ability to offer a package that includes equity and advisory service funds to start up projects in post-conflict countries is unique. Few other organizations are able or willing to provide this combination of resources to this type of projects. Without IFC''s involvement, the proposed new MFIs would not likely be set up due to lack of equity and/or advisory service resources.

Microfinance Expertise:

IFC’s knowledge and expertise in microfinance greenfielding is exceptional and brings significant value-added to the project. IFC has participated as founding shareholder in some 20 microfinance banks in many countries across the world, and has in the process accummulated significant experience. There are few, if any, organizations (private, multilateral or donor-based) with the same level of experience in microfinance greenfielding. IFC’s participation in the project ensures that this value-added will be shared with Tajik Access.

Credibility:

IFC has a unique credibility among prospective microfinance investors and local banking authorities. IFC has, on the back of its significant microfinance program and its recognized commercial orientation, built strong credibility among industry players and government authorities. This credibility helps the sponsor raise additional resources and is often a crucial factor in convincing the banking authorities to grant operating licenses for the new microfinance entities. If IFC were not to participate in Tajik Access, the implementation of the project would most likely be substantially delayed or would not happen at all.

Promotion of Environmental and Social Standards:

The proposed operating policies for MFIs, financed by IFC, with respect to social and environmental standards strictly follow IFC’s requirements for financial institutions. This is also true in terms of anti-money laundering and combating the financing of terrorism (AML/CFT). IFC has therefore had a unique impact on how these new microfinance entities operate according to best practices. IFC will create the same impact in the project. In the absence of IFC’s standards, the adoption of best practices would be inconsistent as the microfinance sector expands to new countries.

The project involves IFC support for the business of microfinance and has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. Considering the nature of activities supported, the project will be required to:

- Develop a procedure relevant to its business process, prior to disbursement, that is satisfactory to IFC, and that ensures that all its investments are screened and processed to avoid supporting activities on the IFC Microfinance exclusion list;

- Identify qualified persons to manage and implement the procedure;

- Demonstrate commitment and resources to implementing the procedure; and

- Submit a periodic report to IFC as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Christoph Ziegler
LFS Financial Systems GmbH
Linienstrasse 126
D-10115 Berlin

Phone: (+49-30) 3087-4736
Fax: (+49-30) 3087-4750

E-mail: christoph.ziegler@lfs-consulting.de

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

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Investor	in US$’000	in %
AMH	$5,555	50.5%
IFC	$1,980	18.0%
EBRD	$1,980	18.0%
KfW	$1,485	13.5%
Total	$11,000	100.0%

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