DUSHANBE, December 25, 2013, Asia-Plus -- Top manager of Agroinvestbonk, the second largest commercial bank in Tajikistan, has been replaced.

By the Agroinvestbonk Supervisory Board’s decision Suyunkhon Rustamov, who had previously been First Deputy Minister of Agriculture, was appointed to head Open Joint-Stock Company (OJSC) Agroinvestbonk, replacing Alisher Soliyev.

Farrukh Hamraliyev, State Advisor to the President for Economic Matters, heads the Supervisory Board and the Board’s members include Firs Deputy Minister of Finance Jamoliddin Nouraliyev, Head of the Agroinvestbonk Department for International Cooperation, Financial Reporting and Analysis Muhammadi Boboyev, Economic Advisor at DFID Tajikistan Sobir Qurbonov, and Vice-Chancellor of Tajik University of Finance and Economics Ilhomuddin Ibrohimov.

Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and more than 60 other branches across the republic. 

Agroinvestbonk is one of the leading providers of finance to micro, small and medium-sized enterprises and the agricultural sector in Tajikistan. Through its substantial rural network it reaches out beyond the capital Dushanbe, to areas where access to finance remains difficult for private entrepreneurs.

Agroinvestbonk’s equity capital now amounts to 385 million somoni.

In August 2009, the European Bank for Reconstruction and Development (EBRD) acquired a stake of 25 percent + 1 share in Agroinvestbonk for up to 50 million somoni (US$11.5 million equivalent).

In December 2012, the Government of Tajikistan recapitalized Agroinvestbonk with 200 million somoni in order to support it.