Dushanbe, Tajikistan, April 22, 2011—IFC,
a member of the World Bank Group, is helping LLC IMON International, Tajikistan’s
largest microfinance organization, provide comprehensive financing and
leasing of agricultural equipment in northern Tajikistan, improving farmers’
access to finance and enabling them to make their operations more profitable.
In March, IFC Tajikistan Agribusiness Finance and Business Environment
Project signed an advisory agreement with IMON International to support
the expansion of its agricultural equipment finance portfolio in Ghonchi,
Isfara, Istaravshan, Konibodom and Shahristan districts of Sughd province
in northern Tajikistan. In addition to providing training sessions, IFC
is surveying farmers in the region in order to help IMON International
identify and create a database of potential clients for financing and leasing
of agricultural equipment.
“The signing and realization of this agreement between IFC and IMON International
will have a positive influence on our country’s agricultural development,”
said Sanavbar Sharipova, IMON International CEO. “Agriculture is a vital
contributor to employment and development in northern Tajikistan, and this
initiative will enable IMON to grow its portfolio in the agriculture sector.”
IFC Tajikistan Agribusiness Finance and Business Environment Project is
funded by the European Union, and its goal is to improve the regulatory
and policy environment for agriculture as well as promote access to finance
through a focus on agri-leasing and equipment finance. IFC provides advisory
services to financial institutions in order to build capacity for agri-leasing
and equipment finance, and assists government agencies to implement reforms
that benefit the agriculture sector.
“IFC surveys have indicated that farmers and processors lack access to
finance for new agricultural equipment,” said Raiomand Billimoria, IFC
Tajikistan Agribusiness Finance and Business Environment Project Manager.
“We will help identify potential clients and thus help IMON International
develop a pipeline of clients to grow its equipment finance portfolio.
The resultant financing will enable farmers in the rural areas of Sughd
province to acquire modern and efficient agricultural equipment.”
IFC has expanded its investment program in Tajikistan significantly in
the last three years with commitments of $23 million in 11 projects in
the financial markets, manufacturing, and infrastructure sectors. IFC’s
advisory program in Tajikistan is its largest among Central Asian countries.
Various programs focus on developing financial markets through credit information
systems, microfinance, agricultural finance, and leasing. IFC’s corporate
governance program promotes transparency and good governance in larger
corporations. IFC also is advising the government of Tajikistan on attracting
private sector investment to develop its Konimansur Kalon silver deposits.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.
IMON International is the largest microfinance organization in Tajikistan,
with seven branches and 33 field offices covering 28 regions of the country.
IMON grew out of the Micro Loans in Tajikistan program started in 1999
by the National Association of Businesswomen of Tajikistan in partnership
with Mercy Corps. In 2007, the founders decided to transform IMON from
a nonprofit microfinance lending foundation into a commercial organization.
In 2008, IFC provided a $2.5 million loan to support IMON’s lending operations
and increase its outreach. To learn more about IMON International, visit