Investors & Partners
CGFT investors are members of CGFT governing corporate bodies and participate in joint strategic decision-making.
DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH - is a 100% subsidiary of KfW, the German government owned development bank. KfW, since 1986 continuously has counted with a Triple AAA rating and has repeatedly been ranked as the world’s safest bank.
Within KfW, DEG’s mandate is to finance and support private business initiatives in order to contribute to sustainable economic growth and improved living conditions in developing and transition countries. With a portfolio of around EUR 8 billion in more than 80 countries, DEG is one of Europe’s largest development finance institutions for the private sector.
DEG has been strongly involved in the initiation and set-up of CGFT. Besides providing EUR 5 million to capitalize the guarantee fund, DEG also contributes substantial technical assistance support for the training and capacity building of Tajik Partner Financial Institutions.
“I strongly believe that the Credit Guarantee Fund Tajikistan is a very effective instrument to strengthen the Tajik financial sector and improve the access to credit for small and medium enterprises in Tajikistan. It will be exciting to see how Tajik companies unfold their enormous potential to create jobs and income for Tajik families”.
Bernt Hagenlocher, Senior Investment-Manager
FMO is the Dutch development bank. FMO has invested in the private sector in developing countries and emerging markets for more than 46 years. FMO’s mission is to empower entrepreneurs to build a better world.
FMO has contributed EUR 2,5 mln to CGFT’s capital, facilitating the establishment of CGFT. FMO is also participating in a TA Facility further supporting the development of the SME finance sector. The participation in CGFT is part of FMO’s continuous support to Tajikistan, where FMO has invested since 2008.
“SMEs are important for the creation of jobs in Tajikistan. I believe that CGFT’s unique offer combining credit guarantees and technical assistance will help Tajik Partner Financial Institutions in better serving local SMEs.”
Erica van Eeghen, Investment Officer
OeEB is the official development bank of the Republic of Austria. Operating under a public mandate, OeEB strives for improving living conditions in developing and emerging countries.
OeEB contributed EUR 5 mln capital to CGFT and EUR 680.000 technical assistance in order to strengthen the private sector in Tajikistan. These funds are provided by the Republic of Austria and managed by the Advisory Programmes department of OeEB.
Advisory Programmes focus primarily on enhancing investments financed by OeEB from a developmental point of view through studies and capacity building measures.
“Access to finance for SME plays a key role for private sector development and CGFT serves as an innovative tool to support inclusive growth and job creation in Tajikistan. It was a pleasure for me to be part of the team setting-up the CGFT. In addition, being a member of the Fund Advisory Committee enables me to continue following CGFT’s evolution."
Sandra Esser, Senior Manager Advisory Programmes
Partner Financial Institutions
CGFT strongly relies on its current Partner Financial Institutions (PFIs) and continuously searches for new PFIs focused on lending to SME sector.
OJSC "Bank Eskhata" (Bank Eskhata) is one of the largest participants in the market of banking services in Tajikistan. It provides full range of main banking operations. Bank Eskhata network is formed by 22 branch offices, 110 banking centers and 428 points of money transfers almost all over the country. Bank Eskhata offers its clients all main banking products accepted in international financial practice. It is a universal bank that provides a wide range of services to citizens and business people, including private and corporate clients, investment banking, trade finance and asset management.
The mission of Bank Eskhata is to contribute to the economic development of Tajikistan by means of supporting Micro, Small and Medium Enterprises with the view to improve living standards in the country.
CJSC "AccessBank Tajikistan" (AccessBank Tajikistan) is one of the leading providers of microfinance services in the country, with four branches in the capital, and one branch in Khujand, Istaravshan, Tursunzoda and Kurgan-Tyube. AccessBank Tajikistan was founded in 2009 by European Bank of Reconstruction and Development (EBRD), International Finance Corporation (IFC), Development bank of Germany (KfW) and AccessHolding. Officially AccessBank Tajikistan began to work in April, 2010. The main activity of the bank is financing of micro, small and medium business.
CJSC MDO "IMON INTERNATIONAL" (IMON INTERNATIONAL) is among the leading financial institutions in Tajikistan and has been providing financial services to the local public for over 15 years. IMON INTERNATIONAL was established by the National Association of Business Women of Tajikistan (NABWT) through its project "Microloans in Tajikistan."
The mission of IMON INTERNATIONAL is based on values and principles of the organization which are: honesty and reliability, practicality and efficiency, transparency and development, professionalism and competence, care of clients.
LLC MDO "Arvand" (Arvand) is a microfinance institution based in Tajikistan. In 2002 Arvand was established as a Centre for Development and Support of Microentrepreneurs (MDTM) and was part of a regional project on microfinance in Ferghana Valley which was conducted by the representation of ACDI / VOCA, a US based private international development organization. In 2004, MDTM was re-registered as Microlending Fund "MicroInvest." Following its successful performance, in 2008 Arvand was registered. Arvand is committed to meeting the needs of all of its clients and provides loans with no pledge, which allows low-income families and micro-entrepreneurs to increase their income and improve living standards.
The official partnership between CGFT and Arvand was concluded in 2016 and, at this stage, will focus on developing the capacity of Arvand for Small and Medium Enterprise (SME) lending.
MDO Humo is a progressive micro credit deposit organization based in Dushanbe, Tajikistan. Humo provides financial services to the rural population of Tajikistan and promotes the development of Small and Medium Enterpises (SMEs) in poor areas. Humo relies on modern technology and high standards of micro financing, which allows them to carry out the activities in accordance with best international practices.
Cooperation between Humo and CGFT started in 2016 with an extensive Technical Assistance project focused on developing Humo's capacity for SME lending.
The First MicroFinanceBank Tajikistan (FMFB-T) was founded in 2003 and has its head office in Dushanbe, Tajikistan. Since establishment, FMFB-T is closely affiliated with the Aga Khan Development Network (AKDN) – a group of development agencies working in health, education, education, culture and rural and economic development, primarily in Asia and Africa. FMFB-T was established to consolidate the operations of the existing micro-finance institutions run by AKDN in Tajikistan. Presently, FMFB-T is a well-established bank, adhering to international standards and providing banking services in all regions of Tajikistan to Small and Medium Enterprises (SME), microfinance, retail and corporate clients.
Cooperation between CGFT and FMFB-T started in January 2017 and is expected to develop dynamically.