31740 - IMON SL 2

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Summary of Proposed Investment

Project Number

31740

Company Name

CJSC Bank Imon International

Date SPI Disclosed

Dec 21, 2011

Country

Tajikistan

Industry

Financial Markets

Projected Board Date

Jan 20, 2012

Status

Completed

Sector

Microfinance and Small Business - Non Commercial Banking

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Feb 15, 2012
Signed : Mar 1, 2012
Invested : Mar 28, 2012

Project Description

The Project (“IMON Senior Loan 2”) is to support Micro Lending Organization IMON International LLC (the “Company” or “IMON”), Tajikistan’s largest microfinance company, founded in 2005. IFC’s debt financing to a strong financial intermediary like IMON with a successful track record of providing funding to local micro entrepreneurs would help the company expand its 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.

Sponsor / Cost / Location

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

Development Impact

The developmental impact is expected to be high: - The Project would provide funding for the underserved segments of the society in Tajikistan, more specifically women entrepreneurs; would strenghten the microfinance sector in Tajikistan and would help create jobs and reduce poverty in Tajikistan by supporting economic growth. - In Tajikistan, the provision of term funding in the local financial market would have a very strong demonstration effect and build market confidence.

Tajikistan relies on international financial institutions to tackle development setbacks and to provide market funding in growing the private sector. Therefore, IFC's development role is imperative to support IMON with longer-term resources in the local currency for on-lending to its microfinance customers. In this way, the Company's loan portfolio will grow, while boosting the Tajik microfinance sector. The Project reinforces IMON's capacity to serve more customers by extending its outreach and by promoting and sustaining best practices in the microfinance sector.

The Project is with the existing IFC client to provide a $5 million senior loan to expand its lending to micro and small entrepreneurs. The Project has been classified as category FI-3 according to the IFC''s Environmental and Social Review Procedure. IMON will be required to upgrade its SEMS, which currently ensures compliance with the IFC Exclusion List, to also check its borrowers'' compliance with national E&S laws. IMON in its own operations will be required to maintain compliance with IFC Performance Standard 2: Labor and Working Conditions and submit Annual Environmental Performance reports according to the format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Ms. Sanavbar Sharipova MLO "IMON International,"LLC17th Microdistrict, House 2Khujand, Tajikistan Telephone : 992 3422 42353Fax: 992 3422 25744 E-mail: SSharipove@imon.tj www.imon.tj

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: 202-974-4384E 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.

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