Dushanbe, Tajikistan, March 29, 2010—IFC,
a member of the World Bank Group, is helping a new microfinance bank in
Tajikistan expand the availability of credit for micro and small enterprises.
AccessBank Tajikistan, which announced the start of operations today,
will provide financing to private entrepreneurs and smaller businesses
throughout the country.
IFC invested $2 million in equity and
provided advisory support to help the bank’s startup. The bank will operate
as a closed joint stock company with a full banking license. IFC also may
consider providing additional debt financing to help the bank grow its
Shahbaz Mavaddat, IFC Director for Southern
Europe and Central Asia, said, “We are happy to support AccessBank Tajikistan.
Smaller enterprises are crucial for developing the economy, boosting the
services and trade sectors, and contributing to the expansion of the middle
class. We will continue to back the new bank and wish it much success.”
The bank is expected to have a strong
outreach and effect on the sustained growth of micro and small businesses.
It plans to operate 17 branches throughout the country and to support over
37,000 loan disbursements over the next five years.
In addition to IFC, the bank’s other
shareholders are Access Microfinance Holding, the European Bank for Reconstruction
and Development, and KfW Bankengruppe.
IFC supports microfinance activities
worldwide and is one of the largest investor in the sector. As of June
2009, IFC’s global commitments in the sector exceeded $1.3 billion in
IFC is the only international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. Along with IBRD, it is currently
seeking a capital increase to strengthen its ability to create opportunity
for the poor in developing countries—including by supporting microfinance
institutions in the emerging markets worldwide.
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 $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.