The 2005 Aga Khan Agency for Microfinance Annual Report

country. In addition to its Head Office in Dushanbe, the Bankcurrently has branches in Khorog, Garm and Khojand and willopen another branch in the Khatlon district in 2006. Brancheswill eventually be opened in all the main cities with district officesserving peri-urban and rural areas.Services, which already include various forms of credit and depositservices, are being broadened to include fund transfers,payment services, microinsurance, low-income housing financeand microleasing.AT THE END OF 2005, THE FIRST MICRO-FINANCEBANK IN TAJIKISTAN HAD MADELOANS IN EXCESS OF US$ 6.7 MILLION,BENEFITING 3,594 BORROWERS ACROSSTHE COUNTRY. THE BANK HAS ALSODIVERSIFIED ITS PRODUCT OFFERINGTO INCLUDE MICROLEASING, FUNDSTRANSFERS AND COMMERCIAL SERVICES,AMONG OTHERS.The Bank is greatly strengthened by the ongoing commitment ofits shareholders and partners. The Bank’s equity is held by twoAKDN agencies, as well as the International Finance Corporation(IFC) and Germany’s KfW Banking Group. The internationalreputation and financial strength of these shareholders play animportant role in building local confidence in the Bank’s durability35