FIF – CA WiB Program

Project description

The granting of a senior loan of up to $1.0 million to Arvand Bank under the Financial Intermediary Framework-Central Asian Women in Business (FIF – CA WiB) program for on-lending to micro, small and medium-sized women-led enterprises (MSMEs).

the project’s objectives

The proposed loan is the third WiB loan to the client following the successful completion of a first pilot project under the Taj WiB program and a second transaction under the CA WiB. The transaction represents a continuation of previous commitments, aimed at supporting more women-led MSMEs in Tajikistan by providing financing opportunities for their business activities and access to know-how.

Impact of transition

ETI rating: 75

The project is a sub-operation of the CA WiB program. It contributes to the objectives of the Central Asia Women in Business (“CA WiB”) program, supporting the impact qualities of inclusive and competitive transition, with the ultimate goal of promoting women’s entrepreneurship and, more broadly, active participation. women in business, thereby reducing the gender inclusion gaps in terms of “access to finance” and “employment and enterprise”. The proposed CA WiB loan represents a continuation of the two previous engagements with the customer under the TajWiB and CA WiB programs, respectively.

Customer information


The closed joint stock company “Arvand Bank” (Arvand) operates as a universal commercial bank, providing a full range of banking services, mainly to the retail and MSME segments in Tajikistan.

At the end of February 2022, the bank operated a network of 73 branches and banking service centers and had more than 48,000 borrowers with a net loan portfolio exceeding $57 million. It has more than 64,000 individual depositors.

EBRD Financial Summary


A senior loan of up to US$1.0 million in two tranches of US$0.5 million each under the Central Asian Women in Business program.

Total project cost



Funding structure. The additionality of the proposed loan derives from access to medium-term financing which is not readily available in Tajikistan, particularly in the current macroeconomic environment. Medium-term financing in local currency will promote more suitable lending terms and structures than those currently available to MSMEs. The EBRD remains one of the few IFIs to provide local currency financing at commercially acceptable rates in Tajikistan.

Knowledge, innovation and capacity building. With the WiB programme, the Bank offers a comprehensive form of assistance to the Client which, in addition to financing, includes TC assistance and coverage of first loss risks. This comprehensive package of interventions will enable the client to continue to improve its practices, offerings and delivery mechanisms for women-MSMEs, who are facing increasing challenges due to the crisis, as well as to further penetrate this segment of the market. Marlet.

Environmental and social summary

FI rated (2019 ESP). Bank Arvand is an existing client of the Bank and its environmental and social (E&S) performance has been satisfactory to date, as evidenced by the annual reports on environmental and social issues (including the annual environmental and social report 2021). Bank Arvand has an E&S policy and an exclusion list, as well as an HR policy and a code of conduct. A system is in place to deal with inquiries and concerns from the public.

As part of this new transaction, Arvand will have to continue to comply with performance requirements 2, 4 and 9, and to apply the EBRD’s E&S risk management procedures for companies, SMEs and microcredit. Arvand should continue to provide annual E&S reports to the Bank on compliance with applicable PRs and any other E&S issues arising during the year.

Technical Cooperation and Grant Financing

TC: No other TC funds will be allocated. Arvand will continue to benefit from previously approved and ongoing TC under the CA WiB program (OpID 52720), with some activities expected to further strengthen the client’s ability to meet the needs of women-led MSMEs.

Non-TC: the project involves a first-loss risk hedging mechanism of up to 10% of the loan (limited to 70% for a single sub-loan); the facility will compensate for Banque Arvand’s credit losses, if any and up to a limit of US$0.1 million, related to its participation in the program. Source: SBIF (Small Business Impact Fund).

Company details

Gulnora Yakubova
[email protected]
+992 44 600 14 00
CJSC Bank Arvand 1A Somoni Avenue Khujand, 735700, Republic of Tajikistan

PSD latest update

March 10, 2022

Understanding Transition

More information on the EBRD’s approach to measuring transition impact is available here.

Professional opportunities

For business or procurement opportunities, contact the client company.

For business opportunities with the EBRD (non-procurement related), contact:

Tel: +44 20 7338 7168
Email: [email protected]

For public sector projects, visit BERD Procurement:

Tel: +44 20 7338 6794
Email: [email protected]

General Information

Specific requests can be made using the EBRD’s inquiry form.

Environmental and Social Policy (ESP)

The ESP and associated performance requirements (PRs) set out how the EBRD implements its commitment to promote “environmentally sound and sustainable development”. The PSE and PRs include specific provisions for clients to comply with applicable requirements of national public information and consultation laws as well as establishing a grievance mechanism to receive and facilitate the resolution of concerns. and stakeholder grievances, particularly regarding the environmental and social performance of the client and the project. Proportionate to the nature and magnitude of a project’s environmental and social risks and impacts, the EBRD further requires its clients to disclose information, as appropriate, on the risks and impacts arising from the projects. or that they undertake extensive consultations with stakeholders and consider and respond to their feedback.

Further information on the EBRD’s practices in this regard can be found in the ESP.

Integrity and Compliance

The EBRD’s Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all Bank activities in accordance with international best practices. Integrity due diligence is performed on all Bank clients to ensure that projects do not pose unacceptable risks to the integrity or reputation of the Bank. The Bank believes that identifying and resolving issues during the approval stages of project appraisal is the most effective way to ensure the integrity of Bank transactions. OCCO plays a key role in these safeguarding efforts and also helps monitor integrity risks in projects after investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, inside or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email at [email protected] All reported issues will be handled by OCCO for follow-up. All reports, including anonymous reports, will be investigated. Reports can be written in any language of the Bank or of the Bank’s countries of operations. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders in order to promote a better knowledge and understanding of its strategies, policies and operations after its entry into force on January 1, 2020. Please see the Access Policy page to the information to find out more. what information is available on the EBRD website.

Specific inquiries can be made using the EBRD’s inquiry form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the client or the Bank are unsuccessful (for example through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organizations can seek to address their concerns through the Independent Project Accountability Mechanism (IPAM).

IPAM independently investigates project issues that are suspected of causing (or likely to cause) harm. The objective of the mechanism is to: support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; determine whether the Bank has complied with its environmental and social policy or the project-specific provisions of its access to information policy; and, where appropriate, to remedy any existing non-compliance with these policies, while preventing any future non-compliance on the part of the Bank.

Please visit the Independent Project Accountability Mechanism webpage to learn more about IPAM and its mandate; how to submit a request for review; or contact IPAM by email [email protected] for advice and more information about IPAM and how to submit an application.

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