EBRD Provides Loan to AccessBank to Finance MSMEs in Tajikistan

Date: 
12 Feb 2015

The European Bank for Reconstruction and Development (EBRD) provided a multi-currency loan facility of USD 5 million to AccessBank Tajikistan CJSC for the benefit of its micro, small, and medium-sized enterprise (MSME) customers. The EBRD aims to boost local currency lending in Tajikistan, to build up local sources of domestic funding and reduce the use of foreign exchange in the country’s financial system.

“The EBRD has been promoting local currency loans in Tajikistan to decrease foreign currency risk for financial institutions and local enterprises. This new multi-currency loan will provide AccessBank Tajikistan with flexibility and aims to help the bank increase its share of local currency lending to small businesses,” said Richard Jones, Head of the EBRD Resident Office. “We greatly appreciate the renewed support of the EBRD for AccessBank Tajikistan. The recent funds provided to us offer an excellent opportunity to enhance our lending activities to micro, small, and medium-sized businesses in difficult times. We aim to channel the local currency funds of this facility to our smallest and most vulnerable clients, shielding them from currency risk and thus enhancing our responsible lending approach. The loan facility will allow us to stimulate the Tajik economy when the funds are needed most and to keep our promise to be a reliable banking partner for our clients,” said Katharina Schachtner, CEO of AccessBank Tajikistan.
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Country: 
Tajikistan