• Tajikistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 22, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 2.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 6, 2019

Disclosed by Bank Jun 24, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank's website, this project provides funding to LLC MDO Arvand, a microfinance institution in Tajikistan, in order to provide micro-housing loans to individuals in rural areas of Tajikistan and financing for micro and small enterprises.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IFC, Arvand was founded in 2002 as a Centre for Development and Support of Microentrepreneurs (MDTM), a part of a regional microfinance project in Ferghana Valley conducted by ACDI/VOCA. It went through a transformation after adoption of Law on Microfinance Organizations in 2005 by becoming a Micro Credit Foundation and later it was transformed into a Microcredit Deposit Organization (MDO) in 2008. Currently, Arvand is the 3rd largest MDO in Tajikistan in terms of assets and loan portfolio, serving more than 38,000 borrowers.

Arvand is owned by 5 legal entities: ACDI/VOCA through MCF “MicroInvest Tajikistan and LLC MCC “Frontiers” Kyrgyzstan, Rural Impulse Fund II S.A. and SICAV-SIF Belgium run by Incofin Investment Management, and Triodos Custody B.V. Netherlands and Triodos SICAV II – Triodos Microfinance Fund Netherlands run by Triodos Investment Management and 7 individual entities: participants of ESOP concept.                           

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - ACDI/VOCA Investor -
- - - - Rural Impulse Fund II SA Investor -
- - - - Rural Impulse Fund II SICAV-SIF Belgium Investor -
- - - - Triodos Custody BV Netherlands Investor -
- - - - Triodos SICAV II Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

LLC MDO Arvand 
Shoira Sodiqova 
General Director 
+(992 44) 600-14-00 
1a, I.Somoni Ave., Khujand, Republic of Tajikistan  

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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