Furuz
Your investment in the first project of Furuz enables 50 entrepreneurs like seamstress Mohpari to receive loans, transforming their dreams into realities. Mohpari used her loan to start an atelier, and she now creates jobs and helps others develop their skills. Your support empowers individuals and builds brighter futures in Tajikistan.
The project
Microfinance institution Furuz empowers entrepreneurs like Mohpari, a seamstress from Bokhtar, Tajikistan. She realised her dream of opening an atelier through the loan she received from Furuz. Her atelier grew, and she now employs four seamstresses and mentors apprentices. By providing essential financial support, microfinance institutions like Furuz help individual entrepreneurs realise their business goals and contribute to economic growth and job creation in their communities.
In addition to business development loans, Furuz offers a range of financial solutions, including agricultural support and consumer loans for education and healthcare. Their dedication to empowering both business ventures and personal growth is evident. With your investment, you fuel their dedication and bring positive change to the local economy in Tajikistan.
What social return could your investment make?
In Tajikistan, a critical shortage of local jobs has led many to seek employment overseas, posing significant economic and social challenges. This situation creates a pressing need for sustainable, local employment solutions to stabilise and grow the economy in Tajikistan.
Microfinance institution Furuz addresses this need by offering support to small entrepreneurs, particularly in rural areas. Their micro-loans enable these business owners, of whom 35% are women entrepreneurs, to grow their ventures and create local jobs. This focus on empowering women is crucial, as they often reinvest in their families and communities, amplifying the positive impact. Furuz's efforts demonstrate the powerful role of microfinance in stimulating economic growth and promoting gender equality in Tajikistan.
What financial return could your investment generate?
- Annual interest rate of 5,5%
- The maturity of the loan is 24 months
- There will be a repayment of your investment in equal installments every six months, including the interest
- With an investment of 1,000 euros, your expected repayment would be 1,069 euros
The story of Furuz
Furuz, founded in 1999, began as a micro-lending program and, with support from Millennium Relief and Development Services, transformed into a commercial entity in 2005. By 2022, it had grown into the Microcredit Deposit Organization “Furuz,” offering a range of financial services, including deposits and currency exchange.
Furuz is committed to Tajikistan's sustainable development, focusing on small businesses, financial inclusion, and gender equality. Having issued over 48,000 loans totaling $43 million USD, Furuz has significantly contributed to job creation and economic growth in the region, with an aim to expand and diversify its client base continually.
Furuz in numbers
- Founded in 1999
- Furuz employs 120 staff members across its 8 branches
- 6,000 active borrowers
- 65% of the borrowers are male, and 35% are female
- Issued over 48,000 loans totaling $43 million USD
Furuz
Impact
In Tajikistan, a severe shortage of local jobs forces many to seek work abroad, leading to significant economic and social challenges. Over half of the country’s GDP comes from remittances sent by emigrated Tajiks, who often work in unstable jobs. This highlights the urgent need for sustainable local employment to stabilize and grow the economy.
Microfinance institution Furuz contributes to the solution by supporting small entrepreneurs, mainly farmers. These microloans enable them to create local jobs. Furuz’s efforts demonstrate the powerful role of microfinancing in stimulating economic growth and promoting gender equality in Tajikistan, with approximately 35% of their borrowers being women.
Related blogposts
- Read more about Furuz in their introduction blogpost.
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