The First Microfinance Bank signed an agreement with MEDT on the Second Phase of KFWs Housing Finance Program

The First Microfinance Bank signed an agreement with MEDT on the Second Phase of KFWs Housing Finance Program 22.05.2017

The First Microfinance Bank signed an agreement with MEDT on the Second Phase of KFWs Housing Finance Program

In line with its housing finance plan to support the KFW Energy Efficiency and Refurbishment programme, The First MicroFinanceBank has signed an agreement with the Ministry of Economic Development and Trade (MEDT) on the Second Phase of KFWs Housing Finance Program for the amount of EUR 1,250,000 on 28 April 2017. The programme is financed by KFW and the fund is delivered through the Ministry of Economic Development and Trade. 

Under this programme The First MicroFinanceBank and the Ministry of Economic Development and Trade agreed to jointly promote the development of the housing loan market in the Republic of Tajikistan by financing loans to improve the living conditions of families with low and medium incomes living in non-urban areas, outside the cities of Dushanbe and Khujand.

The programme is expected to improve the access of the rural population to affordable loans for the improvement of their living conditions. In addition to the housing loans under this scheme the customers can benefit from the Banks energy efficient loan products to decrease energy expenses.

Signing on behalf of their respective agencies were the Minister of MEDT Mr. Nematullo Hikmatullozoda and the CEO of the First MicroFinanceBank Mr. Yenten Lama. Also attending the ceremony were Ms. Kristin Laabs, the KFW Director in Dushanbe, and FMFBs Chief Credit Officer, Mr. Amid Tashrifbekov.

The Bank was a participant in the First Phase of the Housing Finance Programme also in which we made significant progress. We financed 948 households with TJS20M long term loans at subsidized rates. 40% of these loans were financed through FMFBs own resources. Our customers were able to develop almost 20,000 sq m housing areas through these loans.

The Banks staff in the Head Office, Branches and BSCs worked hard to make the First Phase a success and we are confident that the Second Phase will also be a resounding success.