New: Furuz - Empowering Entrepreneurs in Tajikistan through Microfinancing
Written by Chiara Capodacqua on 27 December 2023
We are excited to add another investment opportunity in the heart of Tajikistan to the Lendahand platform with microfinance institution Furuz. Together with Furuz, you can drive positive change through microfinance in Central Asia.
Originating from a Micro Enterprise Development Program in November 1999, Furuz officially began its micro-lending journey after securing a lending license from the National Bank of Tajikistan in 2006.
What distinguishes Furuz is its keen understanding of client needs, offering a spectrum of flexible credit products tailored to individuals and businesses in diverse economic activities. Whether it's a monthly repayment schedule or a grace period for agricultural ventures, Furuz ensures its offerings seamlessly align with the varied needs of its clientele.
Furuz’s Impact: Nurturing Resilience and Breaking Cycles
In the center of Tajikistan, Furuz emerges as a beacon of empowerment with a singular focus: stimulating local economic development through accessible credit.
Operating seven branches, this microcredit institution dedicates its efforts to empowering micro-entrepreneurs, particularly in rural areas where 78% of its customers reside.
Thanks to Furuz's support, more than 48,000 loans, totaling $43 million USD, are extended, empowering 7,000 women entrepreneurs, creating 16,000 jobs through 11,000 business clients, and positively influencing the lives of 65,000 family members.
Beyond the numbers, Furuz's impact tells a story of empowerment and resilience. Small shop owner Habibullo, for example, was able to expand the range of products he sells in his shop using business loans from Furuz. An attractive shop draws more happy clients, making sales go up! With the extra income, Habibullo was able to purchase a plot of land where he built a house for his family. “Working with Furuz has given me God’s blessing and improved my standard of living. I want our cooperation to continue,” he says.
Investing in Tajikistan
Over the last decade, Tajikistan’s economy has been strong, growing at an average rate of over 7.1%. This growth, coupled with increased wages, has significantly reduced poverty from 32% in 2009 to an estimated 12.4% in 2022.
Tajikistan is a country that is rich in resources, minerals, and eco-tourism opportunities. The agricultural sector contributes nearly 20% to the national GDP and employs 61% of the population. Making sure farmers can thrive is one of the keys to further reducing poverty in the country.
There’s a lot more to tell about this nation. Head to this article from our blog to learn more about Tajikistan.
Furuz on Lendahand
After offering projects from microfinance institutions HUMO and OXUS, we’re further expanding the impact you can make in Tajikistan. In a region where every investment creates a ripple effect of empowerment, financial inclusion has a transformative power.
Investing with Furuz is an investment in impact. Your support fosters empowerment, resilience, and positive change in Tajikistan.
Join us in making a difference. You can find Furuz’s first project here.