EBRD supports small business development in Tajikistan
Friday 15 July 2011
(The FINANCIAL) – The EBRD is stepping up its support for the financial sector in Tajikistan with a US$ 6 million equivalent multi-currency facility to Accessbank to provide more affordable loans to small businesses in the Tajik currency, the somoni.
Accessbank is the second financial institution in Tajikistan to join the EBRD’s new Local Currency Lending Programme in Early Transition Countries (ETC), as part of the Bank’s drive to reduce the risks – exposed by the economic crisis – of excessive dependence on foreign currency funding.
The new programme allows the EBRD to support private sector development by extending local currency-denominated loans to eligible banks, microfinance organisations and private enterprises so they can avoid taking on exchange rate risks. Tajikistan was the first country to benefit from this new Programme in Central Asia.