The European Bank for Reconstruction and Development (ERDB) has issued a $2 million loan to women-focused microfinance lender IMON International.
IMON, launched in 1999 as a partnership between nonprofit Mercy Corps and the National Association of Women of Tajikistan, was the first microfinance provider in the landlocked Central Asian country. It continues to be the country’s largest with more than 109,000 borrowers, almost 40% of their women.
The loan is part of ERDB’s Women in Business initiative, which works with local partners to help women entrepreneurs access finance and business advice.
The funding will also support small and medium-sized agribusinesses to enhance Tajikistan’s agriculture sector.
Both initiatives align with IMON’s recent shift towards lending to small businesses instead of individuals.