AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) is providing a financial package of US$ 2 million for Arvand Bank, the seventh-largest bank in Tajikistan, to support local businesses affected by the economic impact of the coronavirus pandemic.
The EBRD financing includes a US$ 1.5 million loan and a trade finance line of US$ 500,000 in support of local businesses with a focus on micro and small-sized enterprises (MSME) experiencing a decrease in their activities, turnover or profitability.
In response to the unprecedented global crisis the EBRD has adopted a Solidarity Package and now expects to dedicate the entirety of its business investments of up to €21 billion in the period 2020-21 to combat the economic impact of the coronavirus.
Small businesses are an important segment of the Tajik economy and supporting them remains a priority for the EBRD. They will benefit from export and import opportunities available through the trade finance agreement signed between the EBRD and Arvand Bank. It will help mitigate the disruptions that severe market conditions have caused in trade and supply chain.
Arvand Bank has been a partner of the EBRD since 2006, when the first loan was signed. The bank has responded to the challenges raised by the coronavirus pandemic proactively, providing funds to help its clients and support the economic recovery in Tajikistan.