Eurasian Integration Yearbook 2012

Ella Baybikova. “Multilateral and Regional Development Banks in Northernand Central Eurasia: Overview of Activities in 2011”2011: Data and ReviewsAfter the successful refurbishment of the water supply system in the northand south of the country, the bank announced its participation in the CentralTajik Water Project, lending up to $7 million for new clean water projectsin four more cities at the request of the central government. The new EBRDloan with a sovereign guarantee to the State Unitary Enterprise “KhojagiiManziliyu Kommunali” will be used for on-lending to water companies inGissar, Shachrinav, Somoniyon and Tursunzoda. The project cost will besupplemented by grants. The EBRD Shareholder Special Fund has approveda grant of $2.6 million for the project. The EU Investment Facility forCentral Asia is considering a grant of €6 million ($8.1 million) for the sameproject.The EBRD provided a €7 million loan to rehabilitate the low and medium voltagedistribution network of Tajikistan by equipping it with new electricity meters,meter-reading and automated billing systems. The project is co-financed bythe EIB, which will make available a parallel loan of up to €7 million, and theEuropean Union, through its Investment Facility for Central Asia (IFCA), with apossible grant of €7 million.The EBRD extended an additional $300,000 credit line to Makolli Bakery,a local bread and pasta manufacturer in Tajikistan, to finance its increasedworking capital requirements. The investment supplemented the EBRD’s directfinancing facility extended to Makolli in 2009, bringing the total loan amountprovided to the company to $2 million.Moreover, the EBRD launched its new Local Currency Lending Programmein Early Transition Countries (ETC) in Tajikistan. Tajikistan became the firstcountry to benefit from this new Programme in Central Asia. A 4-year seniorloan of 13.6 million Tajik somoni ($3 million equivalent) to Micro-lendingOrganisation IMON International was disbursed within the framework of thenew Programme and in line with a Memorandum of Understanding signed inApril 2011 between the EBRD and Tajik government. In addition, the EBRDprovided another three loans within the Local Currency Lending Programmein Tajikistan, including a loan of $6 million to Accessbank; a syndicated loanto Bank Eskhata ($2 million from EBRD’s own funds and $6 million syndicatedto commercial banks); and a lending facility of up to $4 million (equivalent) toFirst MicroFinance Bank Tajikistan.Islamic Development BankThe IsDB provided two grants for a total of $4.3 million. One of the grants in theamount of $2.2 million was allocated to finance the construction and technicalequipment of a modern general education school in the village Zarkamar,Jamoat Miskinobod, Faizobod district. The second grant of $2.1 million wasprovided for the water supply project in Dushanbe.Eurasian Development Bank339