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  1 February 2017 - Empowering Development Amidst the Crisis in Tajikistan 

The Credit Guarantee Fund Tajikistan (CGFT) now cooperates with six partner financial institutions and has passed USD 13 million in guaranteed loan disbursement.

CGFT - Credit Guarantee Fund Tajikistan (CGFT) has welcomed its new Partner Financial Institution (PFI) The First MicrofinanceBank – Tajikistan. This marks CGFT's sixth PFI in the second year of operations.


Considering the crisis in Tajikistan, CGFT has had a good business year 2016 and has now guaranteed over USD 13 m in cumulative loans disbursed by its PFIs with excellent repayment quality.


CGFT is sponsored by three important European Development Finance Institutions: DEG, German Investment and Development Corporation, OeEB, the Development Bank of Austria, and FMO, the Dutch Development Bank.


CGFT improves access to finance for Tajik small and medium-sized enterprises (SMEs). A lack of access to finance is a major challenge for SMEs in developing countries such as Tajikistan. CGFT addresses this challenge by assuming part of the default risk that lenders face in extending loans to SMEs, thus facilitating the issuing of loans that the PFIs could otherwise not make.


DEG, OeEB and FMO additionally provide funds for technical assistance, which CGFT uses to offer its PFIs support in developing capacity for SME lending, improving their risk management systems and other services.


"At the end of its first year that it has been in full operation, CGFT has helped more than 350 Tajik SMEs to access finance," CGFT's Managing Director Mr. Bernd Leidner says. "Since inception, CGFT has supported the retention and creation of more than 2,100 jobs in Tajikistan. CGFT plays a key role in responding to the needs of the Tajik economy by supporting growth of the SME sector and stability of its PFIs and creation of employment and income opportunities in Tajikistan," Mr. Leidner further mentions.


Despite the challenging economic and geopolitical environment of Tajikistan, CGFT strives for further growth. CGFT will continue to expand and diversify its portfolio and support PFIs to maintain high standards and increase their capacity, in order to mitigate risks and increase developmental effects.


For more information about CGFT and its Partner Financial Institutions in Tajikistan, visit


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