Khojand, Tajikistan, October 11, 2007
— IFC, a member of the World Bank Group, today announced that Eskhata
Bank has become the first bank in Tajikistan to join its Global Trade Finance
Program. The program will help the bank expand its capacity, improving
access to trade finance for small and medium enterprises in the country.
The Global Trade Finance Program promotes
trade with emerging markets worldwide by supporting flows of goods and
services to and from developing countries. Under the program, IFC provides
guarantee coverage of bank risk in emerging markets, allowing the banks
to expand their trade finance operations within an extensive global network.
“Increasing access to trade is a key
force in fostering economic growth and development. This transaction is
in line with our strategy to expand our activities in frontier markets
like Tajikistan, helping increase their share of global trade,“ said Michel
G. Maila, IFC Vice President for Risk Management.
“We are pleased to work with Eskhata
Bank. The program will help expand the bank’s global reach, opening new
markets and increasing business opportunities for its small business clients,“
said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people have the
opportunity to escape poverty and improve their lives. In FY07, IFC committed
$8.2 billion and mobilized an additional $3.9 billion through loan participations
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries. For more information,
About Eskhata Bank
Eskhata Bank was established in 1993.
It is a regional bank based in Khojand, Tajikistan’s second-largest city
and major commercial center. Its primary business lines are small and medium
enterprise banking, foreign exchange, and remittance services. Eskhata
Bank is the fifth-largest bank in Tajikistan ranked by total assets. The
bank has a network of eight branches located in Khojand, the other major
centers of the Sogd Region, and Dushanbe.