Provision of a senior loan of up to US$ 1.0 million to Imon International under the Central Asian Women in Business (CA WiB) programme for on-lending to women-led micro, small and medium-sized enterprises.
The project objective is to promote and support women entrepreneurship in Tajikistan and, more broadly, women's participation in business by assisting women-led micro, small and medium-sized enterprises (MSMEs) to access finance, know-how and advice, particularly in the country's regions. The financing gap is a major obstacle in enabling the transition of women-led MSMEs.
ETI score: 70
The project contributes to the objectives of the CA WiB programme, supporting the inclusive and competitive Transition Impact qualities. The loan will support the transition objective of the programme, i.e. the promotion of female entrepreneurship and, more broadly, women's active participation in business, alleviating gender inclusion gaps in terms of "access to finance" and "employment and business". The proposed CA WiB loan represents the second WiB loan to the client following a successful realisation of a pilot TajWiB loan.
IMON INTERNATIONAL MICROCREDIT DEPOSIT-TAKING ORGANISATION CJSC
IMON is the largest microfinance institution in the country covering around 18% of the micro lending and 9% of total lending in Tajikistan. The company serves over 100,000 customers via an extensive network of 28 branches and 102 outlets located across 3 (out of 4) regions.
The company was founded as a micro-lending project in 1999 by the National Association of Business Women of Tajikistan (NABWT) in partnership with the NGO MercyCorps, a global aid agency. In 2005 it was transformed into the Microcredit Fund "IMON" and then into a commercial micro-lending organization "IMON International" in 2008. The company obtained a deposit taking licence in 2012 and was subsequently reorganised as a microfinance deposit-taking organisation (MDO). Since then it offers almost a full variety of conventional banking products (loan, deposit, money transfer and FX transactions) to MSMEs, sole entrepreneurs and retail clients with primary focus on underserved, economically active segments of the Tajik population.
EBRD Finance Summary
Total Project Cost
Knowledge, innovation, and capacity building: EBRD provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project's objectives, including support to strengthen the capacity of the client.
Environmental and Social Summary
IMON will be required to continue to comply with Performance Requirements 2, 4 and 9, and to apply EBRD's E&S Risk Management Procedures for Corporate and SME loans. IMON should continue to provide annual E&S reporting to the Bank on compliance with the applicable PRs and any other E&S matters arising during the year.
Technical Cooperation and Grant Financing
A. Technical Cooperation (TC)
The Central Asian WiB TC Programme includes two linked TC components:
(i) tailored capacity-building for partner banks.
Funding source: We-Fi
Amount/currency: USD 5.0m at the CA WiB Programme level
Funding status: Confirmed
(ii) capacity-building for women-led MSMEs via the Advice for Small Businesses (ASB) team.
Funding source: We-Fi
Amount/currency: USD 4.5m at the CA WiB Programme level
Funding status: Confirmed
B. Co-investment grants / Concessional Finance (Non-TC)
The project involves a First Loss Risk Cover mechanism of up to 10% of a WiB loan (limited to 70% per a single sub-loan) which translates into up to USD 0.1m for the project; the first loss risk cover will compensate for credit losses of IMON as a result of its participation in the Programme.
Funding source: SBIF
Amount/currency: USD 0.1m
Funding status: Confirmed
Company Contact Information
+992 3422 42353
17th Microdistrict, Building#2 Khudjand 735700 Republic of Tajikistan
PSD last updated
15 Jul 2021
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Independent Project Accountability Mechanism (IPAM)
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