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$50 Mn ADB Grant Set to Boost Tajikistan’s NBFI Sector

The funding will help NBFIs in Tajikistan enhance operations and extend their services while supporting capacity-building efforts, making it much easier for MSMEs to obtain financial assistance.

The Global Economics by The Global Economics
December 12, 2022
in Commercial, The Global Economics, Top Stories
Reading Time: 3 mins read
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$50 Mn ADB Grant Set to Boost Tajikistan’s NBFI Sector

$50 Mn ADB Grant Set to Boost Tajikistan’s NBFI Sector

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The ADB grant will aim to support the development of the non-banking finance sector in Tajikistan, with an increased focus on better financial access to MSMEs.

The Asian Development Bank (ADB) has signed off on a $50 million grant to help Tajikistan boost its non-banking finance (NBFI) sector. This move is set to increase access to finance for micro, small, and medium-sized enterprises (MSMEs) in the country.

With only a small number of non-banking financial institutions (NBFIs) functioning currently, Tajikistan has a very undeveloped non-banking finance industry. The shortage of NBFIs has made it difficult for MSMEs to access the financing they need to grow and expand. The ADB grant will aim to support the development of the non-banking finance sector in Tajikistan, with an increased focus on better financial access to MSMEs.

The funding will help NBFIs in Tajikistan enhance operations and extend their services while supporting capacity-building efforts, making it much easier for MSMEs to obtain financial assistance. The grant will also support the development of a regulatory framework for the non-banking finance sector in Tajikistan, which will help create a more stable and supportive environment for the growth of non-banking financial institutions.

In addition to added financial support, the ADB will work closely with the Government of Tajikistan to help develop the country’s non-banking finance sector. The mandates will involve giving policy advice and support for creating a national strategy for the non-banking finance sector.

The funding is a component of the ADB’s continuing initiatives to boost Tajikistan’s economic growth. Since the nation joined as a member in 1998, the bank has given it loans and grants totaling more than $1.8 billion. In the recent past, the funds were used to assist various development efforts, such as infrastructural improvements, educational programs, and healthcare services.

The ADB’s grant will significantly impact Tajikistan’s non-banking finance sector, helping increase access to finance for MSMEs and support their growth and development. This, in turn, will help boost economic growth and development in Tajikistan, creating more jobs and improving living standards for the country’s citizens.
The grant will also support the development of a credit bureau, which will help improve credit information availability and facilitate lending to SMEs and households. In addition, the grant will provide financial education and training to help households and SMEs better understand and manage their financial affairs.

“The grant will help NBFIs in Tajikistan to expand their operations and improve the availability of finance to underserved segments of the population,” said ADB officials. “This will boost the expansion of the non-banking financial sector, aid in job creation, and advance inclusive economic growth,” they added.

The grant is part of ADB’s broader initiative to promote economic growth and combat poverty in Tajikistan. The bank has recently given Tajikistan various technical and financial aid, including help with infrastructure growth, agriculture, and education.

The disbursement of the grant will occur over the next four years, with the first tranche of funding to be released in the coming months. The funds are expected to help increase financing available to SMEs and households in Tajikistan, supporting the country’s economic growth and reducing poverty in the medium to long term.

 

Via: short URL
Tags: ADBNBFInon-banking finance sectorTajikistanThe Asian Development Bank
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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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