DUSHANBE, November 15, Asia-Plus -- 27 microfinance organizations set up in Tajikistan this year have brought a total number of microfinance organizations in the country to 48.  

According to the National Bank of Tajikistan (NBT), at present one non-banking credit organization, the Credit Invest, 27 microlending funds, 17 microlending organizations, 17 microcredit organizations and four microcredit deposit organizations function in the country.  “Increase in number of such organizations helps to develop entrepreneurship and reduce poverty in the republic,” the central bank source said, noting that seven new microlending funds and 16 new microlending organizations have been established this year.  .

“Microcredit deposit organizations have been registered in Tajikistan this year for the first time,” said the source, “The first such organization, the Credit Express, was registered in February.”  The main feature of the microcredit deposit organizations is in attracting deposits from the population on beneficial interest.   

The source also noted that the microlending organization and the microlending deposit organization are required to have in reserve minimum capital in amount of US$10,000 and US$100,000 respectively.  “The NBT is currently considering a large number of applications for the establishment of microfinance organizations and several other such organizations are expected to have appeared in the country by the end of the year,” the source said.   

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

Besides, there are eight credit societies in the country: Fonon; Dehqon; Ganjina; Capital+; Credit Society for Financing of Trade; Renaissance-Capital and Kafolat.