Today, on 04/18/2022, the signing ceremony of a package of financial agreements between the European Bank for Reconstruction and Development (EBRD) and CJSC Bank Arvand took place in the city of Khorog (GBAO). The total amount of the agreements amounted to 4 million US dollars. This next tranche will be aimed at developing and supporting two EBRD projects: the Green Economy Financing Program (jointly with the Green Climate Fund) and the Women in Business program in Central Asia to support small private sector companies in Tajikistan, which have been successfully implemented by Arvand Bank for several years.
The ceremony was held in the building of the University of Central Asia. Among the guests were Sanoatzoda Zikrihudo, Head of the Investment and State Property Department of GBAO, Kozidavlatzoda Zainularab, Head of the NBT Regional Office in Khorog, Rika Ishii, Head of the EBRD Representative Office, Sodikova Shoirakhon, Chairman of Arvand Bank CJSC, bank clients, as well as representatives of other financial organizations and the media.
The EBRD and Arvand Bank have been conducting joint, mutually beneficial cooperation since 2006, when the first agreement was signed. Since then, several projects aimed at financing important sectors of the country's economy have been implemented and continue to be implemented. For example, for a group of projects that contributes to the transition to a "Green economy", Arvand Bank has issued loans to 10,242 customers totaling more than 121 million somoni. According to another project "Women in Business", supporting small and medium-sized enterprises headed by women, more than 42 million somoni were issued to 4841 clients of the bank.
Throughout the entire period of bilateral cooperation, several agreements have been signed for record amounts for the country's banking sector. In April last year, the EBRD and Arvand Bank signed a similar agreement for the same amount of 4 million US dollars. In August 2020, at the height of the crisis, the EBRD provided a loan to Arvand Bank in the amount of USD 2 million as part of a "Solidarity Package" to support small businesses facing the negative consequences of the coronavirus pandemic. Taken together, this indicates an unprecedented credit of confidence from the EBRD provided to the banking sector of Tajikistan in the person of Arvand Bank. In turn, Arvand Bank strictly complies with all its obligations and fulfills the tasks prescribed in the bilateral agreement in a timely manner.
Reference: Loans under the GEFF project: lending with a low rate and grant payments. The main objective of lending is to reduce energy and resource costs for enterprises, farmers and households, and increase competitiveness through the use of highly efficient technologies and practices.
Loans under the "Woman in Business" project: providing loans for women entrepreneurs for business development. The main objective of lending is to stimulate the development of women's entrepreneurship in the region.
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