European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) provided $ 4mn to Tajikistan leading microlender IMON International to promote green investments Funds will be used to support women small entrepreneurs.
The 1st September, at the head office of IMON INTERNATIONAL, an agreement was signed between the European Bank for Reconstruction and Development (EBRD) and IMON INTERNATIONAL within the framework of the GEFF and WIB projects.
The GEFF (Green Economy Financing Facility) will support small and medium-sized enterprises (SMEs) and households in the Republic of Tajikistan wishing to invest in green technologies. This is part of the EBRD’s plan to increase funding for climate and environment related activities. It is slated to channel more than 50 percent of its annual investment in green lending by 2025. The GEFF, supported in Tajikistan by the GCF and the Republic of Korea, will also use European Union funds under the Tajik Agribusiness Competitiveness Program (ECTAP).
At this event, an investment of 4 million USD was announced by the EBRD to finance green lending and the promotion of women’s entrepreneurship in Tajikistan.
The financial package includes a loan of 3 million USD under the Bank’s Green Economy Financing Facility (GEFF). Up to 2.25 million USD will be disbursed from the EBRD’s own funds, and the remaining 0.75 million USD will be provided as concessional financing from the Green Climate Fund.
The remaining package, up to 1 million USD, will be provided under the EBRD’s WIB Women in Business program and will foster women’s entrepreneurship and business activity by providing access to finance, know-how and technology. Through this investment, CJSC MDO IMON INTERNATIONAL will also be able to improve the financial services it offers to women-led companies.
EBRD representative, Yusupov Bahodur noted that IMON INTERNATIONAL is the leading microcredit and depository organization in the Republic of Tajikistan. It was also noted that such projects are not unique and in the future it is planned to interact with even larger projects.
At another point, Andrey Palka, Chairman of the Board of IMON INTERNATIONAL, noted that cooperation with the EBRD has been ongoing for more than 10 years, and during this time, under the auspices of various projects, more than 1000 borrowers received funds for the development of entrepreneurship. In addition, Andrey Palka noted the invaluable contribution of the organization’s staff to the implementation of these projects.IMON INTERNATIONAL and the European Bank for Reconstruction and Development will continue to make efforts to develop agriculture and support women entrepreneurs in the Republic of Tajikistan.
The EBRD is active in Tajikistan since 1993. Over the period the Bank has focused its activities on energz, infrastructures, the financial sector and small and medium-sized enterprises. Total investments have amounted to over € 800 million, for a total of 145 projects.
In March 2021, following the exit of Imon’s main shareholder Imon Foundation, Mikro Kapital, the European Bank for Reconstruction and Development (EBRD) and the Dutch entrepreneurial development bank FMO acquired a stake of 43.5 per cent.
As a result of this transaction and in compliance with the National Bank of Tajikistan regulation, the EBRD and FMO each own 17.9 per cent, while Mikro Kapital Group became the largest shareholder with a stake of 42.7 per cent.
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