In Tajikistan after the acceptance of the Low on microfinance organization observed high growth finance institution, suggesting various services. It should be noted, between these particular emphases the young microcredit deposit organization “Bovary va Hamkory” which is structure for refinancing microfinancing organization in the country. In the short 5 years institute of second level “Bovary va Hamkory” took the dominant position in the finance sector in the country.

Evidence of the global community of microfinancing is very important and effective instrument in socio-economic resolution was announcement in 2005 year International microfanincing. Critical important become efforts Tajikistan to promote stability socio-economic development and poverty reduction through the buildup of macrocredit policy.

Successful Cooperation

One of the successful benefits cooperation of national and international project in microfinancing field has become Microcredit deposit organization (MDO) “Bovary va Hamkory”, which means “trust and cooperation”, founded in September 2008 year as a close joint-stock company (CJS).

MDO “Bovary va Hamkory” the first and the singular organization of wholesale financing in the country, which formed to provide resource of microfinance organization. Organization established by Association of Microfinance Organization of Tajikistan (AMFOT) and JSC “Agroivesbonk” with the help of project “Found support small and medium size MFO”, which financing for three years by the German Society for International Cooperation (GIZ). Netherlands Organization for cooperation in development field (MTR) performs the partnership with the First Microfinance Bank Tajikistan. Originally GI2, MTR, JSC "Agroinvestbank" invested in the loan portfolio and a development activity "Bovary va Hamkori" 800 thousand dollars.

For today, the company''s assets increased by 9 times, the company is financially self-supporting, has a loan portfolio of more than $ 5 million assets and assets more than 5.5 million dollars, which allowed her to enter into a purely seven leading microfinance institutions in Tajikistan. Own equity of the company doubled reached break-even point in May 2014. Capital amounted to 1.3 million US dollars. The second year dividends paid to shareholders. Currently recoupment is 108%.

Over the past 4 years the average annual growth raised by 87% allowed "Bovary va Hamkori" meet the demands of the MFI partners and to issue nearly 200 loans totaling more than 70 million Somoni, or 14.5 million US dollars.

CJSC MDO "Bovary va Hamkori" brought together the 23 most sustainable and stable microfinance organizations which increased their credit and expanded coverage of population services, meet the needs of small and medium entrepreneurs in 60 cities and regions.

Thanks to loans "Bovary va Hamkori" In MFO- partner increased their loan portfolio by more than 1 MGI dollars, have direct access to external financing and are among the first 15 members AMFOT. The number of MFI clients “Bovari va Hamkori" at the moment is about 10 thousand people, the credit portfolio - about 100 million Somoni. Since then, the MFI client issued more than 98,000 loans in the amount of 52 million dollars.

Social mission in the center.

In spite of the commercial financing and social mission and purposes is always in the centered on activities “Bovari va Hamkori”. Thus, 58% of the relevant portfolio of partners issued to village habitant, 31% of the portfolio is distributed the agricultural sector. The dispose of the women among the direct of borrowers is 42 %.Rural development region, agriculture sectors, for the supporting women and creation and preservation jobs are the priorities of organization. One example of this - realization of international projects number with MFI partners. In interesting result of the realizing project of world Bank “Establishment social – economic opportunity for young people of Tajikistan”, was the conclusion of agreement with the Youth Committee, sports and tourism of the Tajikistan Government on the formation of a special long-term, targeted and wrapped Fund. Regarding this, a new tender was announced for resources from the fund at reduced interest rates for MFIs, directed to support the development of entrepreneurship among youth and rural population.

It should be noted that the achievements of MDO "Bovari va Hamkori" received good international evaluation. For example, in May 2011, "Bovari va Hamkori" received international financial rating. Evaluation of "BB" by rating agency Microfinanza Rating (Italy) allows to demonstrate transparency and achieve CJSC MDO "va Hamkori Bovary" at the highest level and made it possible in the future to attract two international loan from Triple Jump (Netherlands) by means of Oxfam Novib Fund in the amount of 1.4 million US dollars to implement 8 international projects totaling 2.8 million US dollars, thereby expand the range of lenders and investors.


The result of summarize of the first 5 years of a working meeting with MFI - customers with representatives of the National Bank. Ministry of Economic development and Trade, Ministry of Finance of the Republic of Tajikistan. Swiss development agency, European Bank for Reconstruction and Development, JNDP projects, IFC. DFID. GIZ. BAC. Tajikistan Association banks, International and local commercial banks, international audit company.

The meeting also came to the leaders and representatives of 30 MFIs from all over the country. The organizers have published their achievements in a special booklet and presented it to all the participants of the meeting.

As a result of the rating for the achieved result were awarded medals, certificates and gifts directors and heads of MFI partners: microcredit organization "Vorukh" from dzhamota Vorukh and Isfara town - for high achievements in the social sphere. Found of Microcredit "Mila Chor Chashma" from Shaartueskogo area - for development dynamic. Microcredit Foundation "Zar" of Hissar district - for the effective management, microcredit organization "Furuz" from Kurgantyube - to attract new investment. They also were highlight achievements of MDO "Muzaffariyat", "Argun". "Dastras." IFF "Ravnak" MDO "Amlok."

Partner of the Year was named microcredit organization "Imkon Khovar". provides financial services in 23 cities and districts of Khatlon region.

The meeting participants were also shown a documentary film "Bovary. Hamkori, Tarakiёt "about the company, shot a creative group" Sim Moustaki Tochikiston. " The film showed the company''s work as a tool to promote job creation, development of private entrepreneurship and strengthen the capacity of small and medium-sized MFIs in Tajikistan, working in remote and mountainous regions, effectively pulling mechanism of financial services to the rural population.

The experience of the first five years of the National Institute of refinancing "Bovary va Hamkori" convincingly demonstrates, that its creation was an important event in the country''s financial sector and a new milestone in the development of cooperation. During his tenure, CJSC MDO "Bovary va Hamkori" fill in the gaps in the financial sector of Tajikistan. meeting the needs of remote regions and to expand the coverage of financial services to rural entrepreneurs. who lack resources. Understanding this problem of the united efforts of all stakeholders that contributed to these results, and scales.