IFC Supports Tractor Sales in Tajikistan, Boosting Farmers’ Productivity and Profits
November 14, 2011—IFC, a member of the World Bank Group, is helping Tojik Sodirot Bonk, a large Tajik bank, enhance its ability to finance agricultural equipment sales in southern Tajikistan, improving farmers’ access to finance, and enabling them to increase productivity and profits.
The IFC Tajikistan Agribusiness Finance and Business Environment Project signed an advisory agreement with the bank to help it expand its agricultural equipment finance portfolio in Khatlon province. IFC will survey farms in the region, develop a database of potential clients, and will also identify potential providers of agricultural equipment to match suppliers with potential customers.
“The advisory services from IFC will enable us to rapidly grow our agricultural equipment portfolio,” said Nataliya Nazarshoeva, Chairman of the Board of Tojik Sodirot Bonk. “Farmers in Tajikistan need new and efficient machinery, and we anticipate financing over 50 tractors within one year. The farmers will be the ultimate beneficiaries of this project.”
The European Union funds IFC’s Tajikistan Agribusiness Finance and Business Environment Project. The project aims to improve the regulatory and policy environment for agriculture, as well as promote access to finance through a focus on agri-leasing and equipment finance.
“Farmers in Tajikistan lack access to finance for new agricultural equipment,” said Raiomand Billimoria, IFC Project Manager. “IFC is helping the bank to increase financing for new agricultural equipment in southern Tajikistan, which will enable local farmers to increase productivity and profits.”
IFC has expanded its investment program in Tajikistan significantly in the last three years with commitments of $27 million in 10 projects in the financial markets, manufacturing, and infrastructure sectors.
IFC’s advisory program in Tajikistan is its largest in Central Asia. Various programs focus on developing financial markets through credit information systems, microfinance, agricultural finance, and leasing. IFC’s corporate governance program promotes transparency and good governance in larger corporations.
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