The second-largest microlender in Tajikistan has received new funding from the European Bank for Reconstruction and Development (EBRD), which is helping to boost small private companies in the nation, AzerNews reports.
A $2 million loan will increase the viability of local small and micro businesses and contribute to creating new employment. As part of the initiative, Humo will collaborate with a nearby vocational school to offer 240 women-accredited computer training.
They will be able to obtain marketable IT skills thanks to the training, which will increase their work prospects. Additionally, it will assist in addressing the computer literacy problem that plagues all Central Asian governments, where just 11% of the populace can use the most fundamental IT operations.
The EBRD funding is not only supporting Tajikistan, but also micro, small, and medium-sized enterprises (MSMEs) in Central Asia.
A €28.6 million EBRD program that also receives €5.3 million in EU funding will help MSMEs in Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan get access to capital and know-how.
Additionally, a €43 million EBRD initiative in Mongolia, which also involves up to €11.5 million in EU funding, will assist enterprises to become more resilient to economic shocks and disasters.
The EU is a founder and stakeholder in the EBRD, together with all of the other member states and the European Investment Bank (EIB). Since the Bank’s founding, it has been the major donor to its initiatives, providing up to 40% of all donor contributions and up to €500 million annually.
“We enjoy a strong partnership with the European Union that is built on shared values and shared priorities,” says EBRD President Odile Renaud-Basso. “I am proud of and thankful for the EU’s continued support for the EBRD as a key partner of the European Financial Architecture for Development.”
