Dushanbe, Tajikistan, July 10, 2009—IFC,
a member of the World Bank Group, is supporting the establishment of a
new microfinance bank - AccessBank Tajikistan - with a $2 million
equity investment to expand access to finance for micro, small, and medium
enterprises in the country.
The new bank, which is expected to start
operating in the fall of 2009, will function as a closed joint stock company
with a full banking license. AccessBank Tajikistan, which will offer a
broad range of financial services to small entrepreneurs, will have a strong
regional presence throughout the country.
In addition to equity finance IFC will
provide an advisory services package to help introduce microfinance best
practices; ensure adherence to international social, environmental, and
anti-money laundering standards; and train local staff. IFC has participated
as a founding shareholder in numerous microfinance banks worldwide and
will share its accumulated experience with the new bank.
“This project demonstrates our strong
belief in the potential of Tajikistan’s private sector,” said Shahbaz
Mavaddat, IFC Director for Southern Europe and Central Asia. “This bank
will expand the financial services offered to the market and will enhance
the ability of small businesses to create jobs and sustainable growth.”
AccessBank Tajikistan’s other investors
are Access Microfinance Holding AG , the European Bank for Reconstruction
and Development, and KfW Bankengruppe.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.