The European Bank for Reconstruction and Development (EBRD) said on Monday that it would finance FINCA, a microcredit organization, with approximately $4 million over several currencies to aid Tajikistan's rural areas.
The loan will be used to finance small businesses located outside of the capital. The bank said these other areas of the country are underserved by banks. FINCA and the EBRD have worked in tandem in Tajikistan since 2012. They have provided approximately $7 million in loans to local small businesses.
“The funding will help FINCA Tajikistan to further expand its lending operations, contributing to the development of micro and small enterprises in the country," Richard Jones, head of EBRD's Dushanbe office, said. "It will also allow local borrowers, whose revenue streams are predominately in somoni, to take medium-term loans in local currency, thus eliminating currency-exchange risks.”
FINCA representatives said this support from the bank will allow them to increase financial services to the entrepreneurial sector of Tajikistan.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme