DUSHANBE, October 16, 2014, Asia-Plus -- Within the framework of the project "Microfinance and Financial Instruments" the first workshop dedicated to the International Day of Credit Unions will be held with the participation of representatives of the Parliament of the Tajik Republic, the National Bank of Tajikistan, state and public organizations as well as the first credit unions in Tajikistan.

According to GIZ Country Office in Tajikistan, the workshop that will take place on October 17 will discuss the development of credit unions as a new source of funding for the various sectors of the economy in rural and mountainous regions of Tajikistan.

Credit Union is a non-profit credit institution with rights of a legal entity, membership-based, with the aim of mutual crediting.  The credit resources are available cash assets of the organization’s members themselves.

The main objective of support for the crediting unions is to create conditions for the financing of the value chain for the production, processing and marketing of agricultural products as well as increased coverage of financial services in rural areas of Tajikistan.  The basis for the activities of credit unions in Tajikistan is the RT Law “On Credit Unions” adopted on March 19, 2013.  

The Program "Framework and Finance for Private Sector Development in Tajikistan", implemented by Deutsche Gesellschaft  für Internationale Zusammenarbeit (GIZ) GmbH funded by the Governments of Germany and the UK, organized a study tour for 7 representatives of the governmental delegation to study the experience of credit unions in the European Union as an example of the Lithuanian Republic. According to the results of the trip, it was developed more than 14 proposals for the development of credit unions in Tajikistan. Also under the project there were developed all necessary internal documents for the operation of credit unions.

INTERNATIONAL CREDIT UNION DAY is celebrated every third Thursday of October as of 1948.  In 2014 this day falls on October 16.  The main purpose of its holding is to raise awareness about the activities of credit unions around the world as well as promoting wider involvement of their members in this movement.

Its motto is “Local service. Global good" reflects the positive contribution of credit unions in communities around the world.

On October 17, 2014 this day is celebrated for the first time in the history of Tajikistan with the participation of credit unions, community and government organizations.