Operating Results

Key performance indicators

The social aspect

The portfolio of MFI customers for loans

MFI clients portfolio size of loans granted


National Refinancing Institution for Microfinance Institutions of Tajikistan is 5 years old!




Microcredit deposit organization (MCDO) “Bovari va Hamkori,” which means ” Trust and Cooperation “, was established to provide wholesale loans to microfinance institutions (MFis) of Tajikistan.


Organization established by   Association of Microfinance Organizations of Tajikistan (AMFOT) and CJSC “Agroinvestbank” through the project” Supporting fund of small and medium MFis”, that funded by the German Society for International Cooperation (GIZ), the Netherlands Organization for Development Cooperation (ICCO) for three years and carried out in partnership with the First microfinance Bank of Tajikistan.

GIZ, ICCO, “Agroinvestbank” invested in the loan portfolio and the development of the activity of “Bovari va Hamkori” 800 thousand US Dollars. Today, the company is operationally and financially self-sustaining with a loan portfolio of 4.6 million.dollars and assets of more than 5 million.dollars, which allowed to enter and take a hold in the number of 7 leading Microfinance Organizations of Tajikistan. Equity capital of the company in May 2014 bas doubled and reached break-even point. Capital is compiled 1.3 million. dollars. Second year carried out dividend payment. Current financial payback compiles 108%.

In the last 4 years the average annual growth of obtained funds 87% allowed to “Bovari va Hamkori” satisfy the needs of MFis- partners and to grant 193 credits on the amount $ 70 million. TJS equivalent to 14.5 million. US Dollars. If in the first year of activity was granted 9 credits in the amount of3 million.TJS seven MFI clients, then for 8 months in 2014 granted- 44 credits in the amount of 18 million.TJS to 18 MFI customers.

CJSC MCDO “Bovari va Hamkori” united 22 most sustainable and stable MFIs that had increased their credit recourses and extended the coverage of served population and satisfies needs of small and medium business in 60citiesand districts of the country.

Thanks to the credits of “Bovari va Hamkori” 8 MFI partners raised their assets in the amount of 1mil1ion. US Dollars, received direct access to external financing, and take first place among the first 15 members of AMFOT.

At the present time the number of borrowers of “Bovari va Hamkori” MFIs clients'” are about 10 thousand people and credit portfolio- about 100 million.TJS. Since that time b MFI- clients bad granted more than 98,000 loans in the amount of $52 million.dollars. Foreign currency hedging through local commercial banks provided the issuance of wholesale loans in local currency, protecting the interests of the MFI partners and direct borrowers.

Despite commercial financing, social purposes and mission bas always in the attention of “Hamkori va Bovari” activity, so 58% of the portfolio of our partners granted to·nagers,31% of the portfolio allocated in agricultural sector.

Women ration among the direct borrowers is compiles 42%. The average size of a oan that directly issued to borrowers is compiled 6.5 thousand Somoni or fewer 1.5 thousand US dollars. Only for one year bad created and reserved about 4 thousand of jobs.

In May 2011, “Bovari va Hamkori” bad received financial rating. “BBB” rating from rating agency Microfinanza Rating (Italy) and its enable to demonstrate the achievements of CJSC MDO “Hamkori   va Bovari” and permit to involve two international credits from the Triple Jump (The Netherlands) by the funds of Oxfam Novib, implement 8 international projects on the total amount 2.7 million. US Dollars, widen the range of creditors and investors.

Since that time had attracted 51million.somoni (11 million. US Dollars.) credits and grants funds from 15 different sources of financing, both within the country and from international financial and donor organizations as well.

Thanks to mutually beneficial cooperation and effective resource management, organizational assets and Joan portfolio increased on 7 times. The average annual assets growth and portfolio accordingly occurred by 55 and 54%. The average annual return on assets compiled 5%, the capital-15%.Capital increased by 102%.

All of this has made possible for the Company to become more effective and profitable. Operating efficiency 17% in 2010 reached 6% in 2014, annually decreasing in average on 3°/o.

Donors and investors of Bovari va Hamkori “are GIZ, ICCO, DFID I UNDP, Oxfam Novib /Triple Jump, commercial banks in Tajikistan-” Agroinvestbank “Acces Bank,First Microfinance Bank,” Orieobank “and other financial institutions.

Experience   of  the  first  five  years  of  the  National  Refinancing   Institution for
Microfinance Institutions of Tajikistan  “Bovari  va Hamkori” convincingly demonstrates
that  its creation  was important event in the financial  sector  of the country  and  a new
milestone in the cooperation  development  for all market  participants in the person  of regulating bodies, donors, investors, local commercial  banks, and AMFOT MFis. Organization is bridge a gap in the financial sector of Tajikistan to reach remote areas and
expand  of financial  coverage  of rural entrepreneurs who have  lack  in the  resources. Understanding of this issue bas brought together all stakeholders that contributed to these results, and scales.


To the fore no less interesting tasks:

  • widening of activity scope and increasing of capital by attracting of new shareholders, socially responsible investors who share our mission in assisting to various financial institutions to improve the living standards of the population and to promote the development of small medium enterprises in Tajikistan, creation and preservation of jobs
  • increasing of the loan portfolio by attracting new customers (large MF is, various financial institutions credit unions, cooperatives, leasing companies, ) and strengthening of existing partnerships
  • strengthening of “Bovari va Hamkori” institutional capacity by investing in technology and personnel for costs optimization and offer new products and services in the financial sector of Tajikistan (guarantees, syndicated micro-SMEs, green and energy­ saving loans, mortgage loans and leasing).
  • “Bovari va Hamkori” expresses its deep gratitude to all partners, customers, technical agencies, customers, co-workers who directly provide input to the development of the Company. We hope that we could to extend boundary of our mutual cooperation, unite our potential for development of microfinance sector of Tajikistan


CJSC MCDO “Bovari and Hamkori”
September 25, 2014 Dushanbe