In a move to support women in business, Tajikistan and the European Bank for Reconstruction and Development (EBRD) have joined hands, as announced by the EBRD on April 29.
The agreement, signed by Firdavs Nazrimad Tolibzoda, Chairman of the National Bank of Tajikistan, and Odile Renaud-Basso, President of the EBRD, marks the start of a joint effort to improve economic opportunities for women across Tajikistan.
At the core of this effort is the Women Entrepreneurs Finance Code (WE Finance Code), a new initiative aimed at bringing together financial institutions, regulators, development banks, and others to provide better financial support for women-led small and medium-sized businesses. The goal is to help women entrepreneurs overcome financial obstacles and promote economic growth.
President Renaud-Basso emphasized the importance of working together, saying, “Jointly, we’ll be aiming to engage public and private-sector partners from Tajikistan’s financial sector to improve the collection, analysis and use of data related to the financial inclusion of women-led enterprises. It will help to close financing gaps for women entrepreneurs and provide innovative solutions to mobilise the capital required for their growth.”
This collaboration not only aims to address current financial challenges but also looks to find new ways to raise funds for women-owned businesses.
As part of this commitment, the EBRD is providing a $5 million (€4.6 million) loan to Bank Arvand, a major local bank, to support women-owned enterprises. This funding, provided under the EBRD’s Women in Business (WiB) program for Central Asia, will help women-led businesses access much-needed capital. Arvand will also receive technical assistance to help promote women’s entrepreneurship. Additionally, clients of Arvand, especially women-led small and medium-sized enterprises, will receive valuable advice through the EBRD’s Advice for Small Businesses program.
Furthermore, the EBRD is supporting trade in Tajikistan by providing a $1 million (€0.9 million) allocation to MDO HUMO (HUMO), one of the country’s leading microlenders. This funding will help HUMO expand its trade-finance operations, supporting local businesses’ import and export activities and boosting Tajikistan’s economy.
With a strong track record of investment totaling €947 million across 168 projects in Tajikistan, the EBRD continues to be a key partner in the country’s economic development.
During her visit from April 29 to 30, 2024, EBRD President Odile Renaud-Basso will meet with senior government officials and business leaders in Tajikistan.
She will meet with President Emomali Rahmon, Mayor of Dushanbe Rustami Emomali, Minister of Finance Faiziddin Qahhorzoda, and Chairman of the National Bank of Tajikistan Firdavs Tolibzoda.
President Renaud-Basso expressed her excitement about the visit, saying, “Last year our Bank celebrated the 30th anniversary of work in Tajikistan. Over these years we enjoyed excellent cooperation with the authorities, both central and regional, and business community, which allowed us to invest €947 million in 168 projects across the country. This is my first visit to Tajikistan and I look forward to meeting the officials and familiarising myself with the results of our work.”
During her visit, the EBRD plans to finalize several projects focused on green lending under the Dushanbe Green City Action Plan and supporting women’s entrepreneurship and trade.
To date, the EBRD has invested €947 million across 168 projects in Tajikistan, demonstrating its ongoing commitment to the country’s development.