Launch of the Financial and Private Sector Development Project of Tajikistan

Dushanbe, October 9, 2024 - An event dedicated to the launch of the Tajikistan Financial and Private Sector Development Project (TFDP) was held in the capital of Tajikistan. The event was organized by the State Institution “Center for Implementation of the Access to Green Finance and Rural Development Finance Project” under the Ministry of Finance of the Republic of Tajikistan.

The event was attended by representatives of the Ministry of Finance, the World Bank, development partners, ministries and agencies of the country, as well as representatives of business associations, private sector, credit institutions, and other stakeholders, which emphasizes the cross-sectoral approach and the importance of this project for sustainable development of Tajikistan.

The agenda of the event included a detailed review of the project perspectives and implementation mechanisms, in particular, strengthening the savings/deposit insurance system, facilitating bank lending (Micro, Small and Medium Enterprises) to MSMEs and improving their integration into value chains/value chains. Also within the framework of the meeting information was provided on the Deposit and Savings Insurance Fund of Tajikistan, Limited Liability Company “Zamonat”, which is engaged in the provision of various financial services, assistance in improving access of SMEs to financial resources, as well as information was provided by representatives of the Export Agency under the Government of the Republic of Tajikistan.

It should be emphasized that the Project activities are in line with the objectives of the Strategic Direction of the Partnership Framework Strategy (PFS) “Strengthening the Role of the Private Sector”. It is expected that the Project will raise public awareness of the savings insurance scheme, which will provide an opportunity for growth in deposit attraction and savings, strengthen depositors' confidence, and reduce the likelihood of mass withdrawal of deposits. In addition, the project will support MSMEs/start-ups, enterprises seeking to shift to low carbon and climate resilient technologies facing collateral constraints in obtaining credit, and will assist MSMEs to improve enterprise competitiveness, including certification and accreditation costs required for integration into regional value chains and the ability to create more and better quality jobs.