National Bank of Tajikistan and International Finance Corporation have discussed cooperation issues

On February 19, 2020, the Chairman of the National Bank of Tajikistan met with Ms. Georgina Baker, Regional Manager of the International Finance Corporation (IFC), IFC Vice President for Latin America and the Caribbean, Europe and Central Asia, Ms. Kassandra Colbert, IFC Regional Manager for Central Asia, Mr. Zishan Ahmed Sheikh, Special Advisor to the IFC Vice President for Latin America and the Caribbean, Europe and Central Asia, Ms. Manizha Mamadnabieva, Head of the IFC Office in Tajikistan, Mr. Bozor Davlatmamadov, Senior Investment Expert for Central Asia.

At the beginning of the meeting, the Chairman of NBT Jamshed Nurmahmadzoda welcomed the IFC representatives to Tajikistan and expressed satisfaction with bilateral cooperation in the development of the country's banking system. The NBT Chairman emphasized that he hopes to further develop fruitful cooperation for ensuring economic growth and banking system of Tajikistan and in this direction he will support the constructive initiatives of this prestigious international organization and take measures to implement them. The NBT Chairman drew the attention of the IFC representatives to such important issues as expanding cooperation with banks of the Republic of Tajikistan, attracting investments to support the private sector, especially supporting women entrepreneurs and developing tourism in remote regions, providing cheap long-term and medium-term loans, increasing the amount of IFC capital in the country's banking sector, providing technical assistance for the development of the insurance sector. The NBT Chairman has supported the idea of ​​continuing cooperation for development and implementation of the National Strategy on Financial Inclusion.

During the meeting, the parties have discussed issues of bilateral cooperation between the National Bank of Tajikistan and IFC, as well as prospects for development of financial sector of the country, attracting foreign direct investment to the financial sector of the Republic of Tajikistan and other issues of mutual interest.

The IFC Vice President for Latin America and the Caribbean, Europe and Central Asia, Ms. Georgina Baker, has expressed satisfaction that the banking system in Tajikistan has been developing from year to year.          According to the World Bank data, in the annual Doing Business 2020 ranking, Tajikistan has improved its position by rising from 126 to 106, which makes us happy”, noted Georgina Baker. She also spoke about the economic situation and impact of external factors on domestic market. It was emphasized that the IFC helps banks and companies strengthen their operations through improved risk management, internal control and business processes. The IFC is also working to improve the investment climate and introduce modern principles for regulating the private sector. Ms. Georgina Baker, paying attention to the implementation of reforms in the banking sector of Tajikistan, has noted that thanks to the efforts of the current leadership of the NBT, the banking system improved its position compared to previous years, ensuring stability.

The parties have also noted the expansion and increasing volumes of cashless payments in the country, which positively affect the development of the country's economy.

At the end of the meeting, the NBT Chairman J. Nurmahmadzoda thanked the IFC representatives for the visit and meeting once again and noted that he hopes to expand the fruitful cooperation of the parties.

It should be noted that the IFC as subsidiary of the World Bank and a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. It works with more than 2,000 enterprises around the world, using capital, experience and influence to create markets and opportunities in the regions with most difficult situation of the world. In fiscal 2018, the IFC has provided developing countries with more than USD 23 billion in long-term financing, leveraging the private sector to reduce the extreme poverty and improve overall well-being.

Over the past few years, the IFC has significantly expanded its investment program in Tajikistan, allocating more than USD 150 million to financial markets, production, telecommunications and infrastructure.

Press Division