The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, and the central bank of Tajikistan have been collaborating to launch a regulatory framework with the aim of utilizing technology and retail infrastructure to help banks and other organizations offer financial services outside of bank branches in the country.
Sibel Beadle, who holds the title of senior banker at EBRD, expressed that mobile banking “has the potential to enable the financial inclusion of millions of Tajik people” and that through the help of EBRD, “Tajikistan now has the regulatory framework and know how required for a vibrant mobile money market which will help bring financial services to its unbanked population.”
The announcement follows a year-long “technical cooperation” project between the central bank and EBRD, part of which entailed the creation of draft laws regarding mobile banking.
With total assets of EUR 49 billion (USD 65 billion), EBRD invested EUR 8.5 billion (USD 11.4 billion) in 392 projects in 34 countries during 2013.
By Sarah Luo, Research Associate
About the European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development (EBRD) is a multilateral institution headquartered in London, England. The bank began operations in 1991 upon the agreement of 40 countries, and it is owned by 64 countries as well as the European Investment Bank and the European Union as of 2014. It aims to finance operations that are both commercially viable and assist development in Eastern Europe, Central Asia and North Africa. It does this by providing loans, debt securities, equity investments, guarantees and technical assistance to micro- and small businesses via commercial banks and non-bank microfinance institutions (MFIs). With total assets of EUR 49 billion (USD 65 billion), EBRD invested EUR 8.5 billion (USD 11.4 billion) in 392 projects in 34 countries during 2013.
Sources and Additional Resources
European Bank for Reconstruction and Devlopment (EBRD): EBRD Supports Regulatory Framework for Mobile Financial Services in Tajikistan
MicroCapital, August 5, 2014: European Bank for Reconstruction and Development (EBRD) Loans $8m to Mongolia’s Khan Bank for On-Lending to value chains of Micro-, Small, Medium-Sized Enterprises (MSMEs)
MicroCapital, July 24, 2014: European Bank for Reconstruction and Development (EBRD) Promoting External Advice for Small and Medium-Sized Enterprises (SMEs) in Kyrgyzstan
MicroCapital, July 20, 2014: European Bank for Reconstruction and Development (EBRD) Loans Kyrgyz Investment and Credit Bank (KICB) $5m; Demir Kyrgyz International Bank (DKIB) $4m for On-lending to Fund Energy Efficiency Improvement Projects
MicroCapital, July 3, 2014: European Bank for Reconstruction and Development (EBRD), International Cooperation and Development Fund of Taiwan (TaiwanICDF) Loan Tunisie Leasing $14m to Fund Micro-, Small, Medium-sized Enterprises (MSMEs) in Tunisia
MicroCapital Universe Profile: European Bank for Reconstruction and Development (EBRD)
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