IMON Loan 2026 (IFC-51045)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Tajikistan
Geographic location where the impacts of the investment may be experienced.
Specific Location
Khudjand, Dushanbe
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
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
Oct 30, 2026
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.
Borrower
CJSC Bank Imon International
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Climate and Environment
  • Energy
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 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.
Loan Amount (USD)
$ 20.00 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 Oct 12, 2026

Disclosed by Bank Sep 29, 2026

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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.

As stated by the IFC, the proposed Project involves a senior TJS-linked loan up to equivalent of US$20 million, disbursed in two tranches, for the Closed Joint-Stock Company Bank “IMON INTERNATIONAL”. Up to 50% of the loan proceeds would be allocated for climate related projects, including energy-efficient housing microfinance (at least 25%), up to 25% - for on-lending to agricultural micro and small enterprises (agri-MSEs), and up to 25% - to women-owned MSEs (WMSEs). The loan tenor is 3 years with a grace period of 12 months.

In April 2022, IFC started providing advisory support to Imon by developing HMF lending products and strengthening its capacity to offer non-financial services to HMF clients with the objective of growing its HMF portfolio throughout its branch network. In May 2024, IFC provided targeted advisory support in Risk Management to strengthen Imon’s capacity in managing financial risk, capital, profitability management and compliance with new regulatory requirements, especially before transitioning into a bank.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the IFC, the Project involves a senior TJS-linked loan up to equivalent to US$20 million and disbursed in two tranches, for Imon. Up to 50% of the loan proceeds would be allocated for climate-related projects, including energy-efficient housing microfinance (at least 25%), up to 25% - for on-lending to agri-MSEs, and up to 25% - to WMSEs. The loan will have 3-year tenor with 1 year grace period. 

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.

As stated by the IFC, following August 2026 re-distribution of shares along with the exit of minority shareholders (Ms. Makhkamova, Ms. Sharipova and NABWT who initially founded the Imon Fund back in 1999), Imon’s current shareholding structure looks as follows: 66.25% owned by ALTERNATIVE fund, 12.51% by EBRD, 12.51% by FMO, 8.73% by Mennonite Economic Development Association (MEDA). 


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.

Financial Intermediary - CJSC BANK “IMON INTERNATIONAL”:

Firdavs Khayrulloev - CFO
Phone: +992 93 571 0000
Email: fkhayrulloev@imon.tj
Address: 20 Istaravshan Street, Dushanbe Republic of Tajikistan 735700
Website: www.imon.tj

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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 CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works