The European Bank for Reconstruction and Development (EBRD), in close cooperation with the National Bank of Tajikistan (NBT), is examining ways of supporting efforts to strengthen ‎the banking sector in Tajikistan which is currently under stress.

Following a financial assessment of the largest systemic banks in the country, the EBRD, in close cooperation with the International Monetary Fund (IMF) and the World Bank, will put together a comprehensive technical cooperation program to advise on the sector rehabilitation, including strengthening management of banks.

As part of possible IFI support, the EBRD is currently considering up to US$ 100 million loan to the Republic of Tajikistan to support the Tajik banking sector reform and restructuring.  Such a loan, if it receives full internal approval and is also approved by the EBRD’s Board of Directors, would be conditional on an IMF program and a World Bank Development Policy Operation being in place, including a roadmap for banking sector reforms‎‎.

Ms. Natalia Khanjenkova, EBRD Managing Director for Turkey and Central Asia, said: “At the EBRD we believe that the current difficulties in the financial sector can be a springboard for strong, positive reforms and actions that will deliver lasting benefits to Tajikistan.”

The EBRD is a leading investor in Tajikistan and to date has committed more than €606 million through more than 100 projects in the country.