DUSHANBE, March 1 2016, Asia-Plus – Press release issued by Tajikistan’s leading microfinance institution, IMON International, noted that IMON International jointly with Kreditanstalt für Wiederaufbau (KfW) launched the program for lending housing in rural areas.

Due to this type of financing, 25 families in various regions of Tajikistan have already become owners of new houses, more than 160 other customers are constructing new houses and 400 other customers have already repaired their houses, according to the press release.

The loans are provided only in the national currency, the somoni.

IMON International is the largest microfinance institution in Tajikistan with more than 107,000 customers served by the organization’s extensive national network of 130 branches and service outlets.

IMON International is a long-standing partner of the European Bank for Reconstruction and Development (EBRD), which is also a shareholder in the company.  The EBRD became a shareholder in IMON International in November 2013, alongside the Netherlands Development Finance Company (FMO), with the aim of supporting IMON International’s goal to become a dedicated microfinance bank.

KfW, the Germany development bank - is a competent and strategic advisor on current development issues.  Reducing poverty, securing peace, protecting natural resources and helping to shape globalization are the main priorities of KfW.  On behalf of the German Federal Government it finances reforms, infrastructure and financial systems for socially and ecologically compatible economic growth.

The Housing Finance Project is being implemented in the framework of the program, Development of Microfinance System in Rural Areas of Tajikistan.

The main objective of program is in providing financial and technical assistance to sustainable banks and microfinance organizations, which can use the received funds to provide loans in the national currency to individual persons for housing finance.