Empowering Development in Tajikistan

Credit Guarantee Fund Tajikistan

For nearly 10 years, CGFT has supported the financial sector of Tajikistan and the Tajik MSMEs and has now successfully achieved the developmental mission and goals of its international stakeholders. CGFT has been able to provide valuable products and services to its PFIs and is grateful for their support. CGFT was dedicated to improving access to finance for the MSME sector as a means of driving macroeconomic growth. Its credit guarantees helped promising MSMEs realize their full growth potential, spurred job creation and enhanced incomes for everyday communities in Tajikistan.  

CGFT’s mission has always been to improve access to finance for MSMEs in Tajikistan by providing credit guarantees and technical assistance to PFIs such as banks and micro-finance institutions. As the engagement period of CGFT´s international stakeholders for this project is soon phasing out, CGFT has stopped new projects in Tajikistan since mid-2022 and has started its liquidation process at the beginning of 2023. 

Credit Guarantees for access to finance

Credit guarantees have covered a share of the default risk of loans provided by PFIs to their borrowers. Through close collaboration with its PFIs, CGFT’s credit guarantees incentivize the mobilization of underutilized capital  – facilitating a more accessible lending environment for both lenders and borrowers in Tajikistan.

Technical Assistance  to expand possibilities 

CGFT’s TA services were dedicated to strengthening the capacity of its PFIs for better, more efficient and accessible coverage of MSME lending. CGFT’s tailor-made TA programs were designed according to the requirements and distinct strengths and weaknesses of each PFI. Each program was unique, comprehensive and readily implementable.

Key Indicators (cumulative as of end of operation)


approx. value of guaranteed loans disbursed by pfis in USD

avarage historical
net loss p.a.

approx. PFI staff and loan officers trained 


approx. Number of guaranteed loans disbursed

guaranteed  loans in total MSME PORTFOLIO of PFI’s 

Photographer: Sukhrob Khasanov

CGFT was managed by LANDT GmbH, an international development finance company that works closely with CGFs and international stakeholders across the world with over 50 international experts and advisors.

LANDT focuses on developing MSME finance through designing, setting-up and managing credit guarantee schemes and providing technical assistance in challenging environments. The company possesses valuable expertise enabling sophisticated consultancy and strategic support at any stage of credit guarantee scheme development.

Local Impact through Local Presence

CGFT’s success lay in its combination of international best practice and local know-how. While headquartered in Berlin, Germany, it utilizes expertise from TCSP – Tajik Credit Support Partner LLC, a highly professional Tajik consultancy comapny with offices in Dushanbe and Khujand. TCSP functioned as the core partner of CGFT providing consulting services on all aspects of local guarantee and TA operations.

Scroll to Top