DUSHANBE, November 8, Asia-Plus - An official ceremony of opening of Tajikistan Development Bank (TDB) was held in Dushanbe today morning.  

Nasimjon Shokirov, the head of Tajikistan Development Bank’s board, telling the bank-opening ceremony noted that compared to other banks operating in Tajikistan the TDB will provide loans at lower annual interest.  According to him, at present average annual interest payments on loans in the country are charged at 28%-30%.  “Our bank will provide loans at 24 percent annual interest,” Shokirov said. 

“Today, the bank signed its first loan agreement with client for an amount of US$5,000,” the TDB head said, noting that his bank will try to find a niche for itself in Tajikistan’s financial system.   

Nasimjon Shokirov noted that the bank will offer a broad range of services issues, including accepting deposits in national and foreign currencies, cash operations, providing short-term and long-term loans, etc.  ”Our bank will offer services which not all banks in the country offer, including consumer loans, small, medium and large mortgages and leasing operations,” Shokirov said. 

The TDB head said that an authorized capital of his bank amounts to 16.8 million somonis (equivalent to US$5 million)

According to him, the bank was founded by Tajikistan’s Everest Trading and British Atlantida Finance LTD.  He said the bank’s stockholders include Tajiks as well as representatives from the United Kingdom.  “The Tajik side owns 51 percent of the shares in the bank,” Shokirov said. 

The National Bank of Tajikistan (NBT) passed a resolution permitting the establishment of the TDB on September 19.  Tajikistan Development Bank was established as a closed joint stock company under Article 43 of the law “On the National Bank of Tajikistan” and Articles 17 and 19 of the law “On Banks and Banking Activity.”

At present eight banks operate in Tajikistan: AgroInvestBonk, OryonBonk, SohibkorBonk, Bank Eskhata, AmonatBonk (Tajik savings bank), TojikSodirotBonk, TajPromBank and First Microfinance Bank.  Additionally, a branch of Iran’s Tejarat Bank and an office of Kazakhstan’s TuranAlemBank also function in the country.