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The EBRD’s Board of Directors has approved a new country strategy for Tajikistan which will define the Bank’s activities in that country for the next three years from 2012 to 2015. Bank operations in Tajikistan started in 1992 with technical cooperation, with the first investments in 1996. During this time, the EBRD has concentrated on private sector development, which accounts for over 70 per cent of the Bank’s investment there.
Progress and challenges
Tajikistan has progressed with reform in some areas, most notably in the agricultural sector with the Freedom to Farm Act and land reform. Progress has also been made with commercialising utilities, lowering the cost of starting a new business, improving the transparency of state enterprises and strengthening banking supervision. But the unfinished reform agenda remains significant. In particular, the investment climate remains one of the poorest in the region, and significant efforts will be required to simplify the tax regime and to remove formal and informal barriers to doing business.
The EBRD and Tajikistan
The Bank’s strategy takes into account the fact that Tajikistan will be a priority recipient of grant co-financing and TC to alleviate serious affordability constraints, in particular in the rural areas, and to improve the institutional capacity to narrow the transition gaps and ensure timely implementation of Bank financed projects. The Bank will also act as a catalyst to attract co-financing from the European Investment Bank (EIB), the EU’s Investment Facility for Central Asia (IFCA) and other multilateral, bilateral and commercial sources.
Last updated 17 April 2012