International shareholders increase their stake in IMON the microcredit institution in Tajikistan

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An operation for sustainability and improved governance for Imon International, Tajikistan’s largest microcredit provider.

Geneva 30 March, Imon International (Imon), Tajikistan’s largest microcredit provider, will be able to continue to provide financial services to more than 100,000 microenterprises and individuals in the country thanks to the participation of international players in its capital.

Following the exit of Imon’s main shareholder Micro-credit Fund “IMON”, Mikro Kapital, the European Bank for Reconstruction and Development (EBRD) and the Dutch entrepreneurial development bank FMO have paid 5.4 million dollars to acquire a stake of 43.5%. As a result of this transaction, which is in accordance with the regulations of the National Bank of Tajikistan, the EBRD and FMO will each hold 17.9% of Imon’s capital and Mikro Kapital will become the main shareholder of the company with a stake of 42.7%.

Imon’s new shareholders are committed to supporting the company’s activities, which are vital for local businesses and agriculture in the mountainous regions of Tajikistan. The transaction will enable Imon to improve its sustainability and profitability. The company will also meet regulatory requirements and international standards of corporate governance and integrity.

“We are pleased to be able to support a long-standing partner that is one of our joint ventures. This company will now be compliant and will continue to support the development of small and micro enterprises in the country,” says George Orlov, Director, Central Asia and Russia Financial Institutions, EBRD.

“Since 2008 we have focused all our efforts on the development of microfinance, and this investment in Imon International fits perfectly with that strategy. I am convinced that the collaboration with our international partners will succeed in improving the growth and financial inclusion of small and medium-sized enterprises operating in Tajikistan and along the Silk Road,” adds Vincenzo Trani, President of Mikro Kapital.

“This step up in Imon allows us to focus on the future development of this financial institution. The target group of local businesses and farmers that Imon supports fits perfectly with our own development objectives.  The fact that we have been accompanied by international partners in this transaction is extremely important to us,” concludes Jaap Reinking, Head of Private Equity at FMO.

The EBRD has invested some €731 million in 139 projects in Tajikistan to date.


Press contact:

Bruno Moreno
Voxia communication
+41 22 591 22 81


About Mikro Kapital
Founded in 2008, Mikro Kapital Management S.A. is focused on impact finance and microfinance. Mikro Kapital operates through two Special Purpose Vehicles (SPV): Mikro Fund and Alternative. Both Luxembourg securitization funds invest in their portfolio of Micro Finance Institutions, which provide loans to small and micro businesses in Russia, Belarus and emerging countries along the Silk Road. Mikro Fund and Alternatives raise financial resources from European Institutional and Private Investors through the issuance of short and medium-term debt securities. (Total assets 710 million euros at 30.09.2020). Mikro Kapital is part of the European Microfinance Network (EMN) and benefits from partnerships with the European Bank for Reconstruction and Development (EBRD), Luxflag, the Italian National Microcredit Institute (ENM), as well as collaborations with major international investors such as the European Investment Fund.

About the author

Bruno Moreno Junior PR Consultant à Genève