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EBRD To Invest Millions In Tajikistan

Tajikistan's Talco aluminum company
Tajikistan's Talco aluminum company
DUSHANBE -- The European Bank for Reconstruction and Development (EBRD) plans to invest $70 million in the Tajik economy in 2009, RFE/RL's Tajik Service reports.

The money will go to 12 projects in the agriculture, energy, and banking sectors.

Olivier Descamps -- the director of the EBRD's Business Group for Southeastern Europe, Central Asia, and the Caucasus -- said in Dushanbe after talks with President Emomali Rahmon on April 1 that most of the money will be spent on Tajikistan's banking system.

He said it will help local banks survive and continue providing credit to businesses.

EBRD relations with Tajikistan were stalled recently when the EBRD demanded greater transparency in the operations of Tajikistan's major industries, such as the massive Talco aluminum company.

Descamps said the EBRD decided to resume activity with Tajikistan after Rahmon met with EU leaders in Brussels in February.