SIFEM - Swiss Investment Fund for Emerging Markets


IMON International is Tajikistan’s largest deposit-taking microfinance institution and the country’s fourth largest financial institution. IMON was launched in 1999 as the one of the first microfinance initiatives in Tajikistan, aimed at serving women entrepreneurs.

SIFEM has decided to extend a USD 7 million loan in local currency (Somoni) to IMON. This transaction is SIFEM’s third direct debt investment in local currency and will be fully hedged through the TCX mechanism. As such, SIFEM’s loan will protect the microfinance institution as well as end-borrowers from foreign exchange exposures. In addition, the loan will provide IMON with more flexibility to offer longer-term loans to its customers.

This transaction is an opportunity for SIFEM to support access to credit for micro and small businesses in Tajikistan, a SIFEM priority country. As the leading microfinance institution in the country, IMON currently provides financing to over 100,000 clients, with micro and small businesses accounting for over half of its loan volume.

As a result of recent changes in IMON’s shareholder structure, the European Bank for Reconstruction and Development (EBRD), the Dutch development finance institution FMO and the Luxembourg-based Alternative Fund, managed by Mikro Kapital, became major shareholders.

Contact: Simon Denoth, SIFEM Head of Public Affairs,, +41 31 310 09 38

SIFEM Portfolio

IMON International

TCX Fund