EBRD statement on Tajikistan’s Imon International

By Anton Usov

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On 22 June 2021, the international shareholders of Tajikistan’s micro lending institution, Imon International (Imon), Mikro Kapital, the European Bank for Reconstruction and Development (EBRD) and the Dutch entrepreneurial development bank FMO have completed the transaction with Micro-Credit Fund “Imon” and increased their stakes in Imon following the exit of its main shareholder. The transaction was completed in full compliance with the local legislation, respective corporate decisions of the parties involved and Charter of the company. The value of the transaction was transparently agreed between the selling and purchasing parties and disclosed in the earlier press release.

As the result of this transaction, Imon’s compliance with the national regulatory requirements is fully restored. The international shareholders acted in good faith in efforts to comply with the orders of the National Bank of Tajikistan and are committed to supporting a sustainable and profitable institution operating in line with the international standards of corporate governance and integrity.

Jointly, the purchasing shareholders strongly condemn efforts of third parties to undermine the transaction agreed among all the stakeholders by making groundless allegations through factual mischaracterisation of the events of past several years.  Such irresponsible actions threaten to destabilise the activity of Tajikistan’s leading microlender, which is providing financial services to more than 100,000 micro businesses and individual borrowers across the country.

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