The European Bank for Reconstruction and Development (EBRD) and the Dutch entrepreneurial development bank FMO have paid $5.4mn to acquire a 43.5% stake in Tajikistan’s leading micro lending institution, Imon International.
The move will allow Imon to continue providing financial services to more than 100,000 micro businesses and individual borrowers across the Central Asian nation despite the exit of Imon’s main shareholder, micro-credit Fund “IMON”. The EBRD and FMO will each own 17.9% of Imon, making another shareholder, Luxemburg-based Mikro Kapital, the largest shareholder with a stake of 42.7%.
The transaction also means Imon will comply with the regulatory requirements as well as international standards of corporate governance and integrity.
“Since 2008 we have been focused on the development of microfinance, and this shares purchase of Imon International fully fits into Mikro Kapital’s strategy,” Vincenzo Trani, president of Mikro Kapital, stated.
‘‘With this increased investment in Imon we focus on the future development of the financial institution. The target group of grassroots businesses and farmers that Imon supports is fully in line with FMO’s development objectives,” Jaap Reinking, FMO director of private equity, commented.
To date, the EBRD has invested €731mn through 139 projects in Tajikistan’s economy.
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