KHUJAND, May 30, Asia-Plus  -- The Sughd microlending organization, Sughdagroserv Microfinance, has increased its loan portfolio to 768,000 U.S. dollars and the organization has invested 599,000 dollars in Sughd’s agrarian sector to this date, the Sughdagroserv Microfinance director Azimjon Jumayev said in an interview with Asia-Plus.

According to him, the organization has provided somoni loans in an amount equivalent to 135,000 dollars to local cotton-growing farms.  Farming units growing potatoes, onions and vegetables in Zafarobod, Istaravshan, Jabborrasulov, Ayni, Ghonchi and Bobojonghafurov districts have received somoni loans for a total amount equivalent to 244,000 dollars.

“Besides, the organization PARMS-CECI has provided microloans to the Sughd farmers through Sughdagroserv Microfinance,” said Jumayev, “This organization provides microloans to rural women to help them start their own businesses as well as for growing alternative crops.  220,000 dollars have been provided in loans in Mastchoh, Jabborrasulov, Spitamen, Zafarobod and Konibodom districts.”

He added that repayment of loans by cotton-growing farms evoked concern.  “85 percent of loans provided to cotton farmers have been repaid to this date,” said Jumayev, “In connection with the financial crisis we have decided to change crediting terms.  Loans to cotton farmers are provided against the future harvest while loans to farming units growing alternative crops will be secured with movable property and real estate.”

The microlending organization, Sughdagroserv Microfinance, is wholly owned by farmer shareholders.  The organization’s shareholders are 1,035 members of dehqon (peasant) farms in the northern Sughd province.