The European Bank for Reconstruction and Development (EBRD), a UK-based development finance institution, has agreed to make a four-year, local-currency loan of TJS 29 million (USD 6 million) to AccessBank Tajikistan, a bank that specializes in financial services for micro- and small enterprises (MSEs). AccessBank plans to use the funding to expand its lending portfolio and provide credit to a greater number of entrepreneurs.
The transaction makes AccessBank the second recipient in Tajikistan of the EBRD’s Local Currency Lending Programme in Early Transition Countries (ETC), which aims to minimize foreign-exchange risk in Armenia, Azerbaijan, Belarus, Georgia, Moldova, Mongolia, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan.
AccessBank Tajikistan is a subsidiary of Access Microfinance Holding AG (AccessHolding), a German holding company that has committed capital of approximately EUR 26.4 million (USD 37 million). AccessHolding has also made investments in MFIs in Madagascar, Azerbaijan, Tanzania, Nigeria and Liberia.
As of July 2011, AccessBank Tajikistan does not report data to the US-based microfinance information provider, the Microfinance Information Exchange (MIX).
By Rohan Trivedi, Research Associate
About AccessBank Tajikistan:
AccessBank Tajikistan is a closed joint-stock company with a full banking license that began operations in April 2010 and offers financial services to micro- and small enterprises through four branches as of July 2011. AccessBank is majority-held by Access Microfinance Holding AG, a commercial microfinance holding company in Germany. AccessBank’s minority shareholders include the International Finance Corporation (IFC), the private-investment arm of the World Bank; the European Bank for Reconstruction and Development (EBRD), a financial institution owned by 61 countries and two intergovernmental institutions; and KfW Bankengruppe, a German development bank. AccessBank Tajikistan does not report data to the US-based microfinance information provider, the Microfinance Information Exchange (MIX).
About Access Microfinance Holding AG:
Access Microfinance Holding AG (AccessHolding) was established in 2006 in Germany by LFS Financial Systems GmbH (LFS). It invests in microfinance institutions (MFIs) and aims to develop these investments through equity finance, holding services and management services rendered by LFS, which acts as its technical partner. It establishes new MFIs together with other partners and transforms existing non-bank microlending institutions into microfinance banks that offer a wider range of services including deposits. AccessHolding is a joint-stock company with committed capital of EUR 26.4 million (USD 37 million). As of June 2011, AccessHolding has made investments in AccesBanque Madagascar (39.2 percent share); AccessBank Azerbaijan (16.5 percent share); AccessBank Tanzania (42.9 percent share); AB Microfinance Bank Nigeria Limited (50.1 percent share); AccessBank Liberia (52 percent share); and AccessBank Tajikistan (52 percent share).
About The European Bank for Reconstruction and Development:
The European Bank for Reconstruction and Development (EBRD) is a development finance institution headquartered in London. The bank began operations in 1991 upon the agreement of 40 countries and is now owned by 61 countries as well as the European Investment Bank and the European Union. It aims to finance operations that facilitate development and are commercially viable in 29 countries in Eastern Europe and Central Asia. 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). Its operating assets for fiscal 2009 were reportedly EUR 6.1 billion (USD 8 billion).
Sources and Additional Resources:
[1] EBRD Press Release: “EBRD Supports Small Business Development in Tajikistan: Accessbank joins EBRD’s Local Currency Lending Programme”, http://www.ebrd.com/pages/news/press/2011/110715.shtml
MicroCapital.org story, July 8, 2011: “MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) to Loan $3m in Local Currency Somoni to Microfinance Provider Imon International of Tajikistan to Support Small Businesses”, https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-to-loan-3m-in-local-currency-somoni-to-microfinance-provider-imon-international-of-tajikistan-to-support-small-businesses-10/
MicroCapital.org story, June 9, 2011: “MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $4m to AccessBank of Tajikistan for Expansion of Loan Portfolio, Movement Toward Deposit-Taking”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-loan-4m-to-accessbank-of-tajikistan-for-expansion-of-loan-portfolio-movement-toward-deposit-taking/
MicroCapital.org story, April 13, 2011: “MICROCAPITAL BRIEF: BlueOrchard Laons $3m to Microfinance Institutions (MFIs) AccessBank of Tajikistan, LOLC Micro Credit Limited (LOMC) of Sri Lanka”, https://www.microcapital.org/microcapital-brief-blueorchard-loans-3m-to-microfinance-institutions-mfis-accessbank-of-tajikistan-lolc-micro-credit-limited-lomc-of-sri-lanka/
MicroCapital Universe Profile: AccessBank Tajikistan, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AccessBank+Tajikistan
MicroCapital Universe Profile: Access Microfinance Holding AG: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Access+Microfinance+Holding+AG+%28AccessHolding%29
MicroCapital Universe Profile: European Bank for Reconstruction and Development (EBRD), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Bank+for+Reconstruction+and+Development+%28EBRD%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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