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Enhancing Access to Finance for Sme Development in Tajikistan

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Enhancing Access to Finance for Sme Development in Tajikistan ENHANCING ACCESS TO FINANCE FOR SME DEVELOPMENT IN TAJIKISTAN IN DEVELOPMENT SME FOR FINANCE TO ACCESS ENHANCING ENHANCING ACCESS TO FINANCE РАСШИРЕНИЕ ДОСТУПА FOR SME DEVELOPMENT IN К ФИНАНСИРОВАНИЮ В PRIVATE SECTOR DEVELOPMENT TAJIKISTAN ЦЕЛЯХ РАЗВИТИЯ МСП ТАДЖИКИСТАНА Policy Handbook Small and medium-sized enterprises (SMEs) are the Малые и средние предприятия backbone of Tajikistan’s economy, (МСП) составляют костяк yet they face significant barriers экономики Таджикистана, однако in accessing finance. Accounting for испытывают серьезные трудности 50% of GDP, the large inflow of migrant при получении финансирования. Enhancing access remittances is an opportunity for Tajikistan to Один из способов укрепления финансового strengthen the financial sector. However, a number сектора страны заключается в грамотном to finance for SME of important challenges remain: a large proportion использовании денежных переводов, которые of remittances do not enter the formal banking поступают в большом объеме из-за рубежа development in system, and business creation by return migrants is и составляют 50% ВВП. Тем не менее, ряд limited. This Handbook presents recommendations существенных проблем все же сохраняется: to channel savings from remittances as a means значительная часть денежных переводов Tajikistan to improve access to finance and foster SME не поступает в банковскую систему, а development. вернувшиеся мигранты редко открывают собственные предприятия. В настоящем Расширение доступа This Handbook was peer reviewed on 26 November руководстве содержатся рекомендации о 2014 at the OECD Eurasia Competitiveness том, как способствовать формированию у к финансированию в Roundtable. The Roundtable is a policy network that населения сбережений за счет получаемых gathers OECD members and partner countries from денежных переводов в целях повышения целях развития МСП the Eurasia region for knowledge sharing on the доступности финансирования и развития МСП. implementation of competitiveness reforms. Таджикистана Представленные в публикации материалы учитывались при проведении экспертной оценки 26 ноября 2014 года на заседании Круглого стола ОЭСР по повышению конкурентоспособности стран Евразии. Круглый стол – это уникальная аналитическая площадка, дающая странам-участницам ОЭСР и государствам Евразии возможность обмена опытом в сфере реализации реформ, направленных на укрепление конкурентоспособности. With the financial assistance of the European Union ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT ОРГАНИЗАЦИЯ ЭКОНОМИЧЕСКОГО СОТРУДНИЧЕСТВА И РАЗВИТИЯ The OECD is a unique forum where governments work together to address the ОЭСР представляет собой уникальную площадку, позволяющую государствам economic, social and environmental challenges of globalisation. The OECD is also совместно решать экономические, социальные и экологические проблемы at the forefront of efforts to understand and to help governments respond to new глобализации. ОЭСР – одна из тех, кто стремится понять новые явления и проблемы developments and concerns, such as corporate governance, the information economy и помочь правительствам выработать меры по их разрешению, например, в таких областях, как корпоративное управление, информационная экономика и проблемы and the challenges of an ageing population. The Organisation provides a setting where старения населения. Организация экономического сотрудничества и развития дает governments can compare policy experiences, seek answers to common problems, государствам возможность сравнить политический опыт, найти пути решения общих identify good practice and work to co-ordinate domestic and international policies. проблем, определить надлежащие методы работы и координировать внутреннюю и внешнюю политику. The OECD member countries are: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, К числу стран-участниц ОЭСР относятся: Австралия, Австрия, Бельгия, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Великобритания, Венгрия, Германия, Греция, Дания, Израиль, Ирландия, Исландия, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Испания, Италия, Канада, Корея, Люксембург, Мексика, Нидерланды, Новая Зеландия, Turkey, the United Kingdom and the United States. The European Union takes part in the Норвегия, Польша, Португалия, Словацкая Республика, Словения, США, Турция, work of the OECD. Финляндия, Франция, Чешская Республика, Чили, Швейцария, Швеция, Эстония и www.oecd.org Япония. Европейский союз принимает участие в работе ОЭСР. www.oecd.org OECD EURASIA COMPETITIVENESS PROGRAMME ПРОГРАММА ОЭСР ПО ПОВЫШЕНИЮ КОНКУРЕНТОСПОСОБНОСТИ СТРАН ЕВРАЗИИ The OECD Eurasia Competitiveness Programme, launched in 2008, helps accelerate economic reforms and improve the business climate to achieve sustainable economic Программа ОЭСР по повышению конкурентоспособности стран Евразии была growth and employment in two regions: Central Asia (Afghanistan, Kazakhstan, the Kyrgyz запущена в 2008 году в целях ускорения проведения экономических реформ и Republic, Mongolia, Tajikistan, Turkmenistan and Uzbekistan), and Eastern Europe and улучшения делового климата для обеспечения устойчивого экономического роста South Caucasus (Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and и занятости в двух регионах: Центральная Азия (Афганистан, Казахстан, Кыргызская Ukraine). Республика, Монголия, Таджикистан, Туркменистан и Узбекистан) и Восточная Европа www.oecd.org/globalrelations/eurasia.htm и Закавказье (Азербайджан, Армения, Беларусь, Грузия, Республика Молдова и Украина). www.oecd.org/globalrelations/eurasia.htm Key Contact: Mr Antonio Somma Контактное лицо: Head of Programme Антонио Сомма OECD Eurasia Competitiveness Programme Руководитель Программы Программа ОЭСР по повышению конкурентоспособности стран Евразии PRIVATE SECTOR DEVELOPMENT POLICY HANDBOOK Enhancing Access to Finance for SME Development in Tajikistan January 2015 1 This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. This document has been produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union. 2 FOREWORD This report was developed within the framework of the OECD Central Asia Competitiveness Initiative. It aims to deliver practical advice on the implementation of reforms to improve access to finance for small and medium-sized enterprises in Tajikistan. The OECD Central Asia Initiative is part of the OECD Eurasia Competitiveness Programme. The Initiative was launched in November 2008 and aims to enhance competitiveness and attract foreign direct investment (FDI) in Afghanistan, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan. Its objective is to share with the governments of the region the knowledge, expertise and good practices of OECD countries to create a sound business climate for investment, enhance productivity and support entrepreneurship, develop the private sector and build knowledge-based economies. This work builds on policy recommendations summarized in the Central Asia Competitiveness Outlook 2011. It was initiated with the government of Tajikistan in 2014 and benefitted from discussions in public-private sector-specific working groups. This is one of the two reports stemming from the work. This report focuses on access to finance and SME development in Tajikistan by providing guidance on how to improve the use of migrant remittances and entrepreneurship, in particular through increasing financial inclusion and strengthening returning migrants’ skills. It will be peer reviewed in the context of the 2014 Eurasia Competitiveness Roundtable, a policy network bringing together high-level representatives and technical experts from Eurasia countries, OECD member countries and partner organisations. The Roundtable meets annually and serves as a platform for peer review and knowledge sharing on the implementation of competitiveness reforms. The project’s implementation was supported by GIZ. The project was carried out with the financial support of the European Union. 3 ACKNOWLEDGEMENTS This report summarises the work carried out by the OECD Eurasia Competitiveness Programme under the authority of the Central Asia Initiative Steering Committee, in consultation with the Government of Tajikistan and with participation of the private sector and international organisations in Tajikistan. Representatives from the Deputy Prime Minister’s office, Ministry of Economic Development and Trade, National Bank of Tajikistan, and several other ministries, government agencies, private sector associations and private sector companies in Tajikistan contributed to this publication. These include: His Excellency Mr. Davlatali Said, First Deputy Prime Minister; His Excellency Mr. Sharif Rahimzoda, Minister of Economic Development and Trade; Mr. Saidrahmon Nazriev, Vice-Minister of Economic Development and Trade. Other representatives of the Government of Tajikistan: Mr. Jamshed Yusufiyon, First Deputy Chairman, National Bank of Tajikistan; Ms. Nigina Abdulloev, Deputy Chairman of the State Committee on Investments and State Property Management; Mr. Anvar Boboev, First Deputy Head of the Agency for Migration; Mr. Farukh Soliev, Head of
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