OREANDA-NEWS. September 27, 2010. Eurasian Development Bank (EADB) made a loan agreement with Tajprombank in Dushanbe concerning micro-credit financing program in Tajikistan. The loan  in the amount of USD 3mln.will be issued to the borrower in 3 parts in a year, reported the press-centre of KASE.

Tajprombank shall independently select sub-borrowers, i.e. companies who meet certain criteria, in particular in terms of a number of employees (no more than  25 persons) and individual entrepreneurs. Sub-loans in the amount of USD1,000  to 50,000 shall be provided for the term up to 12 months.

In a tough economic situation, the development of micro-crediting is paid a particular attention in Tajikistan and is seen as a key to the development of  SME and economic recovery in the country. Therefore the whole banking system of Tajikistan is actively participating as to find a solution for it. In particular Tajprombank intends to increase the share of mirco-crediting in the loan  portfolio up to 75%.

The implementation of the project between EADB and Tajprombank shall contribute to the creation of favorable conditions for steady development of SME in Tajikistan, and also to the development of competitive environment and growth in production and extension of range of goods and services and increase in quality of products. So the development of small enterprises shall have a great influence on the development of market economy of Tajikistan.

This is the first project of Eurasian Development Bank focused on micro-crediting in the country which is a member of the Bank and which is implemented based on EADB Program for support and development of SME through provision of target credit line to financial institutions (which was approved in summer this year)' - says Marat Dzhaukenov, the Deputy Chairman of the Management Board of the Bank, the Managing Director in investments. He also added:  'For Tajikistan this loan is the second typical event. As in 2004 the European Bank for Reconstruction and Development provided two loans for the development of micro-crediting in the amount of USD 6mln. to Tajprombank.'