Credit Guarantee Fund Tajikistan

Photographer: Christian Vagt

Scope of CGFT

CGFT's mission is to improve access to finance for Small and Medium Enterprises (SMEs) in Tajikistan by providing credit guarantees and technical assistance to Partner Financial Institutions (PFIs).

  • Credit guarantees provided by CGFT cover a significant share of the default risk of loans provided by Tajik PFIs to local SME clients. In case of a borrower's default, the PFIs recover the value of the guarantee from CGFT. Credit guarantees are an economical and effective tool for enabling Tajik banks and other financial institutions to provide loans to SMEs in a risky environment.
  • Technical Assistance  (TA) services provided by CGFT are dedicated to strengthening the capacity of Tajik PFIs for SME lending through specific training, support in product development and the overall improvement of risk management.

CGFT currently cooperates with five banks and micro-finance institutions, all are considered leading private financial institutions in Tajikistan. Amounts of the loans in Somoni (Tajik currency) and US Dollars guaranteed by CGFT range from USD 10,000 to USD 500,000. CGFT covers a significant share of the outstanding loans.

Founders of CGFT

Three of some of the most important European Development Finance Institutions have invested in and support CGFT:

  • DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, a member of KFW Group
  • OeEB – Oesterreichische Entwicklungsbank AG
  • FMO – Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.

In addition, the three investors provide funding for TA facility. This facility enables CGFT to strengthen SME lending capacity of PFIs and to expand their SME operations. With best practice credit technology, a diversified range of customer-oriented credit products and improved risk management, CGFT’s PFIs help their SME clients to realize their growth potential.

Photographer: Sukhrob Khasanov

Corporate Framework

On an international level, CGFT is associated with LANDT, a group of aligned companies focused on setting up and operating credit guarantee funds and providing TA. 

CGFT is managed by Leidner & Thiesen Tajikistan (LTT), a member of LANDT.

LTT owns the Tajik Credit Support Partner LLC (TCSP), a local consulting company to LTT with offices in Dushanbe and Khujand.

Currently, LANDT is involved in Afghanistan and Tajikistan. While maintaining and expanding its involvement in the two countries, LANDT is actively preparing further expansion.


  • CGFT Institutional ProfileThe institutional profile of CGFT provides detailed information about the context of Tajikistan, set-up, achievements and outlook of the fund.