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First bank in Tajikistan joins EBRD's Medium Sized Co-Financing Facility

By Svitlana  Pyrkalo

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The European Bank for Reconstruction and Development (EBRD) continues to support small and medium-sized businesses in Tajikistan where the development of the private sector in general, and small and medium businesses in particular, is one of the main priorities for the Bank.

Bank Eskhata, the fifth-largest bank in Tajikistan, has joined the EBRD's Medium Sized Co-Financing Facility (MCFF) programme and will receive up to US$ 3 million in loan and risk sharing financing from the EBRD.

Bank Eskhata has a strong position in the north and a growing presence in central and southern parts of the country. It is the leading locally and privately owned bank dedicated to micro, small and medium-sized enterprises (MSMEs). 

The new programme will assist Bank Eskhata in meeting the financial needs of its growing small and medium-sized borrowers by sharing risk exposure and co-financing Eskhata’s best clients with the EBRD.

"We are glad to see Eskhata join the EBRD Medium Sized Co-Financing Facility programme and thus include Tajikistan in the list of countries where MCFF has been launched. The programme was introduced in 2004 for early transition countries (ETCs),* and to date the EBRD has signed 75 loans for over US$ 250 million equivalent under this programme,” said Christopher Clubb, Director of the EBRD ETC Initiative. 

Khurshed Nasirov, Chairman of Bank Eskhata, said: “This deal is yet another confirmation of our success in maintaining strong cooperation with our partners and our leading position in promoting new products to the sector. We will continue our cooperation and look for new ways to develop business and meet the needs of our clients.”

In 2011 the EBRD invested over US$ 35 million in Tajikistan in 12 separate projects.

*EBRD Early Transition Countries (ETC) are countries with the most significant transition challenges: Armenia, Azerbaijan, Belarus, Georgia, Kyrgyz Republic, Moldova, Mongolia, Tajikistan, Turkmenistan and Uzbekistan.

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