The EBRD in Tajikistan

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Sunrise in the Fann mountains, Tajikistan

The EBRD has been investing in Tajikistan since 1993

In Tajikistan, we focus on stabilising and rebuilding trust in the banking sector, developing private enterprises and agribusiness, boosting the availability, reliability and quality of municipal services, improving the quality of energy supply and regulation, and promoting energy efficiency.

A Tajikistan success story: how EBRD investment is helping schools, hospitals and more than 25,000 families in the region to have 24-hour access to fresh drinking water.

184

Number of projects to date

€1,019m

Cumulative EBRD investment

€726m

Cumulative disbursements

13%

Private sector share of portfolio

Number of active portfolio operations

€517m

Current portfolio of projects

€333m

Operating assets

Equity share of portfolio

16 October 1992

Joined the EBRD

21,010

Capital subscription (€000)

EBRD Governor: Yusuf Majidi
EBRD Alternate Governor: Abdurahmon Halimzod
EBRD Board Director: Vacant
EBRD Board Alternate Director, Russia: Ilya Kavtaskin

EBRD Shareholders information

In Tajikistan, we focus on improving the business environment, fostering regional integration and energy reform, and promoting better opportunities for women, young people and underdeveloped regions.

Our new strategy for Tajikistan sets out the Bank’s priorities in the country for the period 2020-25 and addresses issues such as a volatile macroeconomic environment, a challenging business climate and vulnerability to climate change factors. In the strategy period, the EBRD will aim to improve Tajikistan’s infrastructure, regional connectivity and employment opportunities in the country. Tajikistan has one of the youngest populations of all the economies in which the Bank invests.

Focus areas

The EBRD’s operational and strategic priorities in Tajikistan are based on the following three pillars

Strengthening the competitiveness of businesses and improving the business environment.
Fostering regional integration, energy reform and infrastructure connectivity.
Supporting broader access to better infrastructure and business services for women, young people and underdeveloped regions.

Promoting regional cooperation as key to Tajikistan’s sustainable economic development, for the expansion of trade and for energy security

Positive economic developments, including better interstate relations and connectivity, will allow the EBRD to support the necessary reforms and facilitate the country’s transition to an economy based on private-sector growth.

Aiming to increase the size and scope of EBRD operations in Tajikistan

The Bank will continue to finance infrastructure and energy-sector projects, as well as providing support for private-sector companies.

The EBRD’s latest country strategy for Tajikistan was adopted on 26 February 2020.

7.0%

EBRD forecast for Tajikistan’s real GDP growth in 2025

5.7%

EBRD forecast for Tajikistan's real GDP growth in 2026

The economy continued to post robust, broad- based growth in 2024, with positive contributions from agriculture, industry and services. Investment remains strong, supported by the ongoing construction of the Rogun dam and other major infrastructure projects. Consumption is also robust, underpinned by sustained remittance inflows and rapid credit expansion, albeit starting from a low base. Inflation remains low and stable, especially when compared with regional peers, at 3.7 per cent in February 2025. The current account surplus widened to 6.1 per cent of GDP in 2024, as strong remittances more than offset the growing trade deficit.

Continued monetisation of previously acquired gold has further boosted international reserves, which now cover more than seven months of imports, according to IMF estimates. Fiscal policy remains aligned with the targets under the IMF’s Policy Coordination Instrument (PCI) programme. A potential slowdown in China, which accounted for an estimated 14 per cent of Tajik goods exports in 2022, and other key trading partners weighs modestly on the growth outlook. The economy is projected to grow by 7 per cent in 2025 and 5.7 per cent in 2026, supported by ongoing infrastructure investments and remittances.