Tajikistan HMF (IFC-603966)

  • 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
Apr 22, 2020
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.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services, Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1.05 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)
$ 1.05 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 23, 2020

Disclosed by Bank Apr 22, 2020

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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.

The proposed budget- 1, 050 million USD is provided by IFC to Government of Tajikistan with a purpose of improving the housing in rural areas of Tajikistan. Housing finance has so far been mainly available to the urban middle class, due to the high cost of property and building construction. The key change in the approach towards making housing finance also available for the poor builds upon two principles: a) renovating existing housing (rather than financing new construction), and b) breaking down house improvements into components, thereby focusing on the immediate needs, and thus bringing down the financing needs to what can be afforded.

The project covers 3 components and has been designed to cover current gaps in achieving improved housing conditions of the low-income households in rural areas. 

COMPONENT 1: Standardize and Develop Technical Construction Services

Non-financial services are the key component of HMF product and are important to ensure sustainable promotion of this innovative product in the market. Under the project, non-financial services will be standardized and produced in the form of Technical Construction Services (TCS) tools that do not incur any costs in their usage. The services developed in Kyrgyz Republic need to be adapted to Tajikistan – language, type of buildings, available building materials, building code.

COMPONENT 2: Support local financial institutions in the development of innovative HMF product.

This component involves working with at least two partner financial institutions to develop and pilot the HMF loan product and improve their internal capability. Activities under this component covers adapting lending procedures and developing/conducting training modules for FI staff in basics of engineering for utilizing TCS tools and in sales techniques to provide combination of financial and non-financial services.

COMPONENT 3: Awareness raising.

The project will support partner FI to conduct on-site workshops to promote HMF lending innovative product to the beneficiaries. This component is closely aligned to Component 2 and will contribute to demand stimulation to HMF lending product from the potential customers.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The developmental impact of the Project will be in improved living conditions of low-income households and reduction of EE costs of low-income households. The impact will be reached through the development, and introduction to local financial institutions, of a Housing Microfinance lending product adapted to the Tajik environment and through the introduction of EE related lending. It is expected that at least two financial institutions will be providing HMF product by the end of the Project.

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

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.


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/

How it works

How it works