Turkmenistan: Strengthening Capacities of Financial Intermediaries for MSME Lending project financed by EBRD’s multi-donor Early Transition Countries Fund and implemented by TA Consult was prolonged for two years as of July 26th 2015.

TA Consult started implementation of the project in Turkmenistan at Garagum Bank one year ago on July 26th 2014.

During the first year of the project implementation TA Consult introduced microlending and expanded the MSME lending activities from Ashgabat to the regions of Turkmenistan. MSME lending was launched in Lebap and Mary. During this period 16 loans for the amount of USD 2,236,209 were processed and disbursed in accordance with the MSME lending methodology. Eight loan officers and eight managers (Credit Committee members) at Garagum Bank were trained by TA Consult experts in financial analysis, credit risk management, EBRD’s Environmental and Social Policy, etc.

During the first year of the project implementation TA Consult was actively engaged in policy dialogue with the Turkmenistan Government on MSMEs and access to finance issues and was successful in streamlining lending procedures in order to remove some of the obstacles to efficient MSME lending in Turkmenistan.

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