BAKU, Azerbaijan, July 30. International Finance Corporation (IFC) is providing a local currency financing to Tajikistan's leading microfinance organization, Imon International, Trend reports via IFC.
"IFC's three-year $5 million equivalent loan in Tajik somoni will enable Imon International to finance hundreds of MSEs that have struggled to access the local currency financing and support they need to grow post-COVID-19," the institution said.
According to the SME Finance Forum, which is managed by IFC, in Tajikistan, the financing deficit for micro, small, and medium-sized businesses is estimated to be $1.45 billion.
Imon International has a broad network around the country with more than 110,000 active borrowers. MSEs in rural and remote areas account for more than two-thirds of its client base.
"With the help of IFC, we will be able to support more micro and small businesses across the country, fostering economic growth and job creation in a challenging economic environment and bolstering the resilience of the sector," Chairman of the Management Board of Imon International Andrey Palka said.
Since 2008, IFC has provided local currency funds to IMON International in the amount of $17.5 million to boost lending to micro entrepreneurs.