CJSC MDO IMON INTERNATIONAL
Status: Completed investmentWhy disclosure?
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In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Micro Deposit Organization IMON International ("IMON"), established in 1999, has been FMO client since 2013, when we became 12.5% shareholder and provided a USD 7m senior loan. IMON is a MDO with a leading position in the Tajik financial sector ranking number 6 overall in terms of asset size (USD 155 million). IMON operates 21 branches throughout the country. It serves over 100k borrowers mainly through individual lending, with special attention to capacity building of women entrepreneurs. IMON's main exposures are in trade (27%), consumer finance (19%), services (18%), and agri (15%). It expects to obtain a full-fledged banking license in the near future, although it already has a deposit taking license and operates for 90% as bank. In 2014, IMON became the first Client Protection Certified institution in Tajikistan.
What is our funding objective?
Through our financing, FMO provides scarce subordinated debt that will strengthen IMON’s capital providing additional cushioning to absorb shocks and allow it to grow while retaining a sound capital position. Additionally, we will further strengthen our relationship both as lender and shareholder.
Why do we fund this investment?
IMON fits FMO's strategy in Tajikistan as we aim to work with the largest banks and MFIs in the country thereby strengthening our role in the financial sector. Due to its wide branch network -which reaches out to both urban and rural clients-, good reputation, and strong financial performance it managed to become the largest market player in the microfinance sector. IMON is an institution focused on transparency, prudent banking practices ensuring that their clients are treated in a fair and responsible manner. Social commitment is also proven by the Client Protection Certification and focus on women entrepreneurs.
More investments
| Date | Total FMO financing |
|---|---|
| 7/24/2020 | USD 0.80 MLN |
| 11/25/2020 | USD 3.00 MLN |
| 9/24/2013 | USD 6.00 MLN |
| 9/24/2013 | TJS 18.21 MLN |
- Website customer/investment
- http://www.imon.tj
- Region
- Europe & Central Asia
- Country
- Tajikistan
- Sector
- Financial Institutions
- Effective date
- 3/30/2016
- End date
- 11/20/2020
- Total FMO financing
- USD 2.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C