Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

EBRD - European Bank for Reconstruction and Develo : EBRD makes first-ever equity investment in microfinance institution, in Tajikistan’s Imon

11/28/2013 | 01:59pm EDT
Official ceremony to mark EBRD and FMO equity investment was held in Khujand, in the Fergana Valley in north Tajikistan
Author(s): Svitlana Pyrkalo
Date: 28 November 2013

The European Bank for Reconstruction and Development (EBRD) has made its first-ever equity investment in a microfinance institution. The EBRD and the Netherlands Development Finance Company (FMO) have jointly invested US$ 6.5 million to acquire 12.5 per cent each of shares in IMON International, Tajikistan's leading microcredit organisation, to help IMON's transformation into a bank.

"IMON is one of the leading microfinance institutions (MFIs) in the region, and this investment provides an ideal opportunity for the Bank to support its transformation into a specialised bank, said Ulf Hindstrom, Head of the EBRD's Resident Office in Dushanbe. "IMON has already received a deposit-taking licence and is working towards becoming a dedicated microfinance bank, able to offer banking services in a severely under-serviced market.

IMON International is the largest MFI in Tajikistan, with almost 60,000 customers, micro and small entrepreneurs and farmers, which are served via an extensive network of 102 branches and service outlets. It also promotes financial literacy and gender equality.

The official signing ceremony took place in Khujand, the capital of Tajikistan's Sughd province, on 28 November 2013. It was attended by shareholders of IMON International (including the existing shareholder, the Dutch investment and advisory firm, Triple Jump), and representatives of the government, the National Bank, financial institutions, embassies and the donor community. The EBRD was represented by Mike Taylor, Director of Financial Institutions for Central Asia, Caucasus and Mongolia, Ulf Hindstrom, and Firouza Iskhakova, Principal Banker in charge of the project.

Sanovbar Sharipova, CEO of Imon International, said: "The history of cooperation between the EBRD and IMON started in 2005, when we received our first commercial loan. Today we are proud that the EBRD has become a shareholder of our institution. We look forward to benefiting from the EBRD's expertise and know-how in our country and the sector for years to come.

Last updated 28 November 2013

Svitlana Pyrkalo
London - Tel: +44 20 7338 6002

distributed by

© Publicnow 2013
Latest news "Economy & Forex"
04:47aLibyan unity PM says coast road to reopen on Sunday
RE
04:47aLibyan unity prime minister says on twitter that main coast road across front line will reopen on sunday
RE
04:43aEAST AFRICAN COMMUNITY  : Zanzibar President calls for increased intra-EAC and intra-African trade
PU
04:07aSouth Korea to loosen social distancing rules on July 1
RE
03:45aWORLD BANK  : Overcoming language barriers to include refugees in host country education systems
PU
03:01aEESC DELEGATION AT INAUGURAL COFOE PLENARY : Listen to civil society to make sure people's ideas turn into action
PU
02:47aDubai airport targets 28 million passengers this year, CEO says
RE
02:14aPhilippines' vaccine procurement chief confirms supply agreement with pfizer-biontech for 40 million covid-19 vaccine doses
RE
01:41aPhilippines signs deal for 40 mln Pfizer/BioNTech vaccine doses - report
RE
01:41aPhilippine government has signed a supply deal for 40 million doses of pfizer-biontech vaccine - cnn philippines
RE
Latest news "Economy & Forex"