Audited Project Financial Statements

Project Number: 45229-001 Loan/Grant Number: G0346-TAJ Period covered: 1 January 2017 -31 December 2017

TAJ: Access to Green Finance Project

Prepared by Micro Deposit Organization “Imon International”

For the Asian Development Bank Date received by ADB: 25 July 2018

The audited project financial statements are documents owned by the borrower. The views expressed herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. These documents are made publicly available in accordance with ADB’s Public Communications Policy 2011 and as agreed between ADB and the MDO “Imon International”.

Asian Development Bank

Grant No.0346-TAJ (SF)

“Access to Green Finance Project”

Special purpose project financial statements for the period from January 1, 2017 to December 31, 2017

and independent auditor’s report

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ASIAN DEVELOPMENT BANK, GRANT No.0346-TAJ (SF) ACCESS TO GREEN FINANCE PROJECT

TABLE OF CONTENTS

Page

STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 2

INDEPENDENT AUDITOR’S REPORT 3-5

SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017:

Statement of Project sources and uses of funds 6

ADB imprest account statement 7

SOE withdrawal schedule 8

Statements of compliance with the financial covenants 9

Notes to the Project financial statements 10-15

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Republic of Tajikistan, Dushanbe, 734025, 37/1 Bokhtar str., BC “Vefa” 9th floor, office 906 Tel/Fax: +992 (44) 600-46-55 www.bakertilly.tj e-mail: [email protected]

INDEPENDENT AUDITORS’ REPORT

To the management of the Project “Green Finance Project”, subsidiary loan agreement SLA No.0346-TAJ (SF), under the Closed Joint Stock Company Microcredit Deposit Organization “IMON INTERNATIONAL”:

Report on the special purpose project financial statements

Opinion

We have audited the accompanying special purpose financial statements of the “Access to Green Finance Project” (the “Project”), implemented by the CJSC MDO “IMON INTERNATIONAL” (the “Company” or “the Borrower”) within the Grant No.0346-TAJ (SF) funded by Asian Development Bank (the “ADB”) which comprise the statement of sources and uses of funds, ADB impress account statement, SOE withdrawal schedule, the statement of compliance with the financial covenants of the Project for the year ended December 31, 2017, and a summary of significant accounting policies and other explanatory information (the “special purpose project financial statements”).

In our opinion, the accompanying special purpose project financial statements present fairly, in all material respects, for the year ended December 31, 2017 in accordance with International Public Sector Accounting Standard “Financial Reporting Under the Cash Basis of Accounting” (the “IPSAS”) issued by the International Public Sector Accounting Standards Board of the International Federation of Accountants, and the requirements set forth in the grant agreement, the project agreement, the subsidiary loan agreement, the project administration manual and other project related documents.

In our opinion, the proceeds were used only for the purposes of the Project outlined in the grant agreement signed between the Republic of Tajikistan and Asian Development Bank.

The Closed Joint Stock Company Microcredit Deposit Organization “IMON INTERNATIONAL” (the “Company”) met all of the financial ratio criteria.

In addition:

(i) (a) With respect to the Statement of Expenditure withdrawal schedule, adequate supporting documentation has been maintained to support claims to the ADB for reimbursements of expenditure incurred; and (b) expenditures are eligible for financing under the Grant Agreement No.0346-TAJ (SF).

(ii) (a) The Imprest Accounts give a true and fair view of the receipts collected and payments made during the year ended to December 31, 2017; and (b) these receipts and payments support the Imprest Accounts liquidations/replenishments during the year ended December 31, 2017.

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Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Project in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Tajikistan, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

Without qualifying our opinion, we draw attention to Note 2 to the special purpose project financial statements which describe the basis of accounting. These special purpose project financial statements were prepared for complying with the appropriate requirements set forth in the grant agreement and the subsidiary loan agreement and therefore are not intended to be a complete presentation of the Project “Green Finance Project”, subsidiary loan agreement SLA No.0346-TAJ (the “Project”) operations.

Other matter

The special purpose project financial statements are prepared to assist the Project to comply with the requirements set forth in the grant agreement and the subsidiary loan agreement. As a result, the special purpose project financial statements may not be suitable for another purpose.

Responsibilities of management and those charged with governance for the special purpose project financial statements

Management is responsible for the preparation and fair presentation of the special purpose project financial statements in accordance with International Public Sector Accounting Standard “Financial Reporting Under the Cash Basis of Accounting” (the “IPSAS”) issued by the International Public Accounting Standards Board of the International Federation of Accountants, and the requirements set forth in the grant agreement and the subsidiary loan agreement, and for such internal control as management determines is necessary to enable the preparation of the special purpose project financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the audit of the special purpose project financial statements

Our objectives are to obtain reasonable assurance about whether the special purpose project financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the special purpose project financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the special purpose project financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project’s internal control.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.  Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the special purpose project financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Project to cease to continue as a going concern.  Evaluate the overall presentation, structure and content of the special purpose project financial statements, including the disclosures, and whether the special purpose project financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

March 26, 2018

Dushanbe, Republic of Tajikistan

Daler Kabilov

Director, Baker Tilly Tajikistan LLC

License No. 0000077 issued by the Ministry of Finance of the Republic of Tajikistan and License No. 0000063 issued by the National Bank of Tajikistan

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ASIAN DEVELOPMENT BANK, GRANT No.0346-TAJ (SF) ACCESS TO GREEN FINANCE PROJECT

STATEMENT OF PROJECT SOURCES AND USES OF FUNDS FOR THE PERIOD FROM JANUARY 1, 2017 TO DECEMBER 31, 2017 (in Tajik Somoni)

Notes For the period from For the period from For the period from Cumulative from January 1, 2017 to January 1, 2016 to January 1, 2015 to the beginning of December 31, 2017 December 31, 2016 December 31, 2015 the project

Opening balance 718 528 12 209 432 - -

Funds received ADB financing - - 28 027 912 28 027 912 Repaid loans 19 158 592 20 474 767 5 177 650 44 811 009

Total financing 19 158 592 20 474 767 33 205 562 72 838 921

Project expenses Loans issued - 9 304 277 18 723 635 28 027 912 From repaid loans 5 11 135 960 13 941 550 689 500 25 767 010

Total expenses 11 135 960 23 245 827 19 413 135 53 794 922

Refund to ADB 8 719 844 8 719 844 1 582 995 19 022 682

Balance of funds 3 as of December 31 21 317 718 528 12 209 432 -

Active Portfolio as 5 of December 31 8 983 913 17 006 545 14 235 485 -

On behalf of the Management:

______Zakir Abdrashitov Ibragimov Gayrat General Director Chief Accountant

March 26, 2018 March 26, 2018 Dushanbe, Republic of Tajikistan Dushanbe, Republic of Tajikistan

The notes on pages 10-15 form an integral part of the special purpose project financial statements. The independent auditors’ report is on pages 3-5.

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ASIAN DEVELOPMENT BANK, GRANT No.0346-TAJ (SF) ACCESS TO GREEN FINANCE PROJECT

ADB IMPREST ACCOUNT STATEMENT FOR THE PERIOD FROM JANUARY 1, 2017 TO DECEMBER 31, 2017 (In Tajik Somoni)

Bank: CJSC , “Spitamenbank” Account number: 22202972380800000009 Bank’s location 734018, 148/1 Negmat Karabaev str., Dushanbe, Republic of Tajikistan Currency Tajik Somoni

Description Tajik Somoni

Balance as of January 1, 2017 0

Add: ADB financing 0 Total 0

Less: Transfer to the ADB imprest account 0 Bank expenses 0 Total 0

Balance as of December 31, 2017 0

On behalf of the Management:

______Zakir Abdrashitov Ibragimov Gayrat General Director Chief Accountant

March 26, 2018 March 26, 2018 Dushanbe, Republic of Tajikistan Dushanbe, Republic of Tajikistan

The notes on pages 10-15 form an integral part of the special purpose project financial statements. The independent auditors’ report is on pages 3-5.

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ASIAN DEVELOPMENT BANK, GRANT No.0346-TAJ (SF) ACCESS TO GREEN FINANCE PROJECT

SOE WITHDRAWAL SCHEDULE FOR THE PERIOD FROM JANUARY 1, 2017 TO DECEMBER 31, 2017 (In Tajik Somoni)

Appl. No Category Compensation amount

N/A Loans to Green Finance Clients 0

0

Note: In 2017 Asian Development Bank has not provided funding. Disbursement of funds was made in 2015.

On behalf of the Management:

______Zakir Abdrashitov Ibragimov Gayrat General Director Chief Accountant

March 26, 2018 March 26, 2018 Dushanbe, Republic of Tajikistan Dushanbe, Republic of Tajikistan

The notes on pages 10-15 form an integral part of the special purpose project financial statements. The independent auditors’ report is on pages 3-5.

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ASIAN DEVELOPMENT BANK, GRANT No.0346-TAJ (SF) ACCESS TO GREEN FINANCE

STATEMENTS OF COMPLIANCE WITH THE FINANCIAL COVENANTS FOR THE PERIOD FROM JANUARY 1, 2017 TO DECEMBER 31, 2017 (In Tajik Somoni)

Covenant Limit Actual calculation of Deviation from financial ratios as of established limits December 31, 2017 % % % NBT Prudential norms

Capital Adequacy ratio (Risk-weighted assets) K1.1 Comply ≥12 21.82 Capital Adequacy ratio (Total assets) K1.2 ≥10 18.65 Comply Current liquidity ratio ≥30 58.01 Comply Maximum risk size per borrower or a group of 0.13 Comply interrelated borrowers ≤20 Maximum large credit risk ≤300 0 Comply Maximum risk size for a borrower related person – 0.10 Comply to MDO ≤2 Total risk size for credits extended to connected 0.68 Comply persons ≤10 Ratio for using own funds for acquisition of shares 0.16 Comply (stakes) in legal entities ≤10 Ratio for maximum size of attracted savings and 0.15 Comply deposits ≤300 A ratio of equity to total assets ≥12 16.46 Comply A ratio of return on assets ≥0 2.45 Comply A ratio of return on equity ≥10 10.03 Comply A ratio of intermediation costs ≤33 9.19 Comply A portfolio at risk in excess of 30 days ≤5 4.40 Comply A write-off ratio ≤5 2.73 Comply

On behalf of the Management:

______Zakir Abdrashitov Ibragimov Gayrat General Director Chief Accountant

March 26, 2018 March 26, 2018 Dushanbe, Republic of Tajikistan Dushanbe, Republic of Tajikistan

The notes on pages 10-15 form an integral part of the special purpose project financial statements. The independent auditors’ report is on pages 3-5.

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ASIAN DEVELOPMENT BANK, GRANT No.0346-TAJ (SF) ACCESS TO GREEN FINANCE PROJECT

NOTES TO THE PROJECT FINANCIAL STATEMENTS

1. GENERAL INFORMATION

The project “Access to Green Finance Project” (the “Project”) is implemented in according with the Project agreement No. TAD-0043 dated April 4, 2012 (the "Loan Agreement") concluded between the Government of the Republic of Tajikistan and the Asian Development Bank.

The objective of the project is to promote energy efficiency among household users. The project supports microfinance lenders in providing credit particularly to women for household energy efficiency improvements, such as switching to energy-efficient stoves and solar water heaters. This will help the country tackle energy challenges that include lengthy power outages in some areas in winter. The project’s outputs are: (1) increased outreach by MFIs for green finance, particularly for women; (2) increased public awareness of energy efficiency; (3) increased usage of SGES most helpful to women, such as energy-efficient cooking stoves, heating units, and solar water heaters; and (4) increased private sector participation.

The Government has received a loan from the ADB to Finance the Project. The Ministry of Finance of the Republic of Tajikistan is the executing Agency and is authorized to implement the Project through the Project Implementation unit (the "PIU").

The PMU under the MOF has establish a Green Finance Fund in a commercial bank acceptable to ADB and lent $8.8 million equivalent of the grant funds in Tajik Somoni (TJS) to MFIs for tenors of 5 years, with the interest rate (reset every year) at NBT’s refinancing rate (currently at 6.5%), for on-lending to sub borrowers. The government, with ADB concurrence, has selected two MFIs that have existing SGES loan products: MDO IMON International, LLC (IMON) and MDO Arvand, LLC (Arvand) to receive 20% of the total credit line amount (10% each). The remaining 80% allocated by the PMU, subject to ADB concurrence, in accordance with competitive and transparent criteria among (i) the four MFIs on which ADB has already performed due diligence (Arvand, MLO Humo and Partners LLC (Humo), IMON, and MLO Oxus (Oxus), LLC) and has determined that they meet the eligibility criteria and (ii) other eligible MFIs that express interest in participating.

For SGES subprojects financed by MFIs, at least 10% of the subproject costs are to be met by cash contributions from the sub borrowers. The balance of the subproject costs shall be financed by loans from the MFIs.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1. Basis for preparation

The Project financial statements of the Project have been prepared in accordance with IPSAS “Financial Reporting under the Accrual Basis of Accounting” issued by the Public Sector Committee of the International Federation of Accountants, the ADB guidelines and the financial covenants for the Grant Agreement No.0346. These Project financial statements reflect the data for the year ended December 31, 2017, as well as cumulative data from the beginning of the Project.

2.2. Financing Disbursement procedures consist of four major types, descrimabed briefly as:  the direct payment procedure where the ADB, at the borrower’s request, pays a designated beneficiary;  the commitment procedure where the ADB, at the borrower’s request, provides an irrevocable undertaking to reimburse a commercial bank for payments made or to be made to a supplier against the letter of credit financed from the grant account;  the reimbursement procedure where the ADB pays from the grant account to the borrower’s account or, in some cases, to the project account for eligible expenditures which have been incurred and paid for by the project out of its budget allocation or its own resources; and  the imprest fund procedure where the ADB makes an advance disbursement from the grant account for deposit to an imprest account to be used exclusively for ADB’s share of eligible expenditures.

Financing through the direct payments and commitment procedure is recognized when approved by the ADB. The financing through reimbursement and imprest fund procedures is recognized when the funds are actually received.

2.3. Functional and presentation currency

The special purpose financial statements are presented in TJS in accordance with the reporting requirements of the Loan Agreement.

3. CASH

An account in “Spitamenbank” CJSC has been opened in the framework of the Project.

Cash balances are presented in the table below:

In TJS As of December 31, 2017 ADB imprest account 0 Advance to the account of CJSC MDO "IMON INTERNATIONAL" 21 317

Total 21 317

In accordance with Subsidiary Loan Agreement the Company opened separate bank account in a commercial bank (imprest account in national currency in CJSC “Spitamen Bank”) for receiving funds under the Project. The Company withdrew cash from the bank account and issued loans to the clients. In the period from 2015 to 2017 the Company withdrew money, from which 11 135 960 Tajik somoni were used for issuing loans in 2017.

In the period from 2015 to 2017 the Company refunded to ADB 19 022 682 Tajik somoni. As of December 31, 2017, the debt to ADB is 9 005 230 Tajik somoni. From this, the active portfolio at the end of 2017 is 8 983 913 Tajik somoni, the rest 21 317 Tajik somoni remained on the account of CJSC MDO “IMON INTERNATIONAL” that the Company was going to use for issuing loans in 2018.

4. ADB FINANCING

In 2017 Asian Development Bank has not provided funding. Disbursement of funds was made in 2015.

5. EXPENSES BY CATEGORIES

The portfolio of loans granted by "Asian Development Bank" as of the December 31, 2017 for the product "Green Financing Project" for 2017 from the funds of the repayment of loans from previous periods "

Quantity Amount Total issued loans 1 272 11 135 960 Repaid loans 294 4 827 712 The outstanding of loans issued for the period 01.01.2017- 31.12.2017 978 6 308 248

The outstanding of Loans issued for the period 01.01.2015 - 31.12.2016 533 2 675 664

Total Active Portfolio on 31.12.2017 1 511 8 983 913

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Analysis of issued loans by the ADB funds in accordance with the business segments for the year 2017.

Economic sector Loans issued for the period The outstanding of loans issued for the 01.01.2017 - 31.12.2017 period 01.01.2017 - 31.12.2017 % Quantity Amount % Quantity Amount

Consumer loan 50.9 694 5 670 400 56.6 574 3 573 319 Agriculture 19.6 269 2 180 860 15.8 172 996 927 Services 14.1 175 1 572 750 13.0 132 819 610 Trade 11.8 107 1 308 950 10.0 76 629 290 Industry and manufacturing 1.6 12 174 000 1.4 10 85 974 Mortgage 2.1 15 229 000 3.2 14 203 128

Total 100 1 272 11 135 960 100 978 6 308 248

Analysis of issued loans for the period 01.01.2015 - 31.12.2016 by the ADB funds in accordance with the business segments on 31.12.2017

Economic sector The outstanding of Loans issued for Total Active Portfolio on 31.12.2017 the period 01.01.2015 - 31.12.2016 % Quantity Amount % Quantity Amount

Consumer loan 59.5 329 1 593 279 57.5 903 5 166 598 Agriculture 14.4 71 384 101 15.4 243 1 381 028 Services 12.3 77 329 661 12.8 209 1 149 271 Trade 10.0 41 268 401 10.0 117 897 691 Industry and 1.6 6 41 685 1.4 16 127 659 manufacturing Mortgage 2.2 9 58 538 2.9 23 261 665

Total 100 533 2 675 664 100 1 511 8 983 913

Analysis of issued loans by the ADB funds in accordance with the lending purpose for the year 2017.

Loan purpose Loans issued for the period The outstanding of loans issued for the 01.01.2017 - 31.12.2017 period 01.01.2017 - 31.12.2017 % Quantity Amount % Quantity Amount

Working capital ------Fixed assets ------Miscellaneous ------Consumption 100 1 272 11 135 960 100 978 6 308 248

Total 100 1 272 11 135 960 100 978 6 308 248

Analysis of issued loans for the period 01.01.2015 - 31.12.2016 by the ADB funds in accordance with the lending purpose on 31.12.2017

Loan purpose The outstanding of Loans issued for the Total Active Portfolio on 31.12.2017 period 01.01.2015 - 31.12.2016 % Quantity Amount % Quantity Amount

Working capital ------Fixed assets ------Miscellaneous ------Consumption 100 533 2 675 664 100 1 511 8 983 913

Total 100 533 2 675 664 100 1 511 8 983 913

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Analysis of issued loans by the ADB funds in accordance with the kind of collateral for the year 2017.

Collateral Loans issued for the period The outstanding of loans issued for the 01.01.2017 - 31.12.2017 period 01.01.2017 - 31.12.2017 % Quantity Amount % Quantity Amount

Guarantee 37.1 428 4 135 200 36.4 330 2 295 718 Mixed bail 25.1 195 2 796 200 26.5 156 1 669 529 Movable property 21.5 311 2 389 510 19.0 216 1 196 244 Unsecured loans 16.2 335 1 806 000 18.1 274 1 141 806 Jewelry 0.1 3 9 050 0.1 2 4 951

Total 100 1 272 11 135 960 100 978 6 308 248

Analysis of issued loans for the period 01.01.2015 - 31.12.2016 by the ADB funds in accordance with the kind of collateral on 31.12.2017

Collateral The outstanding of Loans issued for the Total Active Portfolio on 31.12.2017 period 01.01.2015 - 31.12.2016 % Quantity Amount % Quantity Amount

Guarantee 41.0 182 1 097 130 37.8 512 3 392 848 Mixed bail 30.1 129 804 712 27.5 285 2 474 241 Movable property 16.2 97 433 175 18.1 313 1 629 419 Unsecured loans 12.7 125 340 646 16.5 399 1 482 452 Jewelry 0.0 - - 0.1 2 4 951

Total 100 533 2 675 664 100 1 511 8 983 913

Analysis of issued loans by the ADB funds for the year 2017 in accordance with the expected maturity.

Maturity Loans issued for the period The outstanding of loans issued for the 01.01.2017 - 31.12.2017 period 01.01.2017 - 31.12.2017 % Quantity Amount % Quantity Amount

Up to 6 month 1.7 36 186 200 0.6 8 38 336 From 7 up to 12 month 31.2 571 3 476 960 20.9 395 1 316 903 From 13 up to 24 58.4 609 6 500 200 66.7 528 4 207 971 month Over 24 month 8.7 56 972 600 11.8 47 745 039

Total 100 1 272 11 135 960 100 978 6 308 248

Analysis of issued loans for the period 01.01.2015 - 31.12.2016 by the ADB funds in accordance with the expected maturity on 31.12.2017

Maturity The outstanding of Loans issued for the Total Active Portfolio on 31.12.2017 period 01.01.2015 - 31.12.2016 % Quantity Amount % Quantity Amount

Up to 6 month 0.0 - - 0.4 8 38 336 From 7 up to 12 month 0.5 8 13 848 14.8 403 1 330 751 From 13 up to 24 55.3 390 1 478 354 63.3 918 5 686 325 month Over 24 month 44.2 135 1 183 463 21.5 182 1 928 501

Total 100 533 2 675 664 100 1 511 8 983 913

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Analysis of issued loans by the ADB funds for the year 2017 in accordance with the gender division.

Gender Loans issued for the period The outstanding of loans issued for the 01.01.2017 - 31.12.2017 period 01.01.2017 - 31.12.2017 % Quantity Amount % Quantity Amount

Male 51.1 711 6 580 500 57.6 548 3 634 956 Female 40.9 561 4 555 460 42.4 430 2 673 292

Total 100 1 272 11 135 960 100 978 6 308 248

Analysis of issued loans for the period 01.01.2015 - 31.12.2016 by the ADB funds in accordance with the gender division on 31.12.2017

Gender The outstanding of Loans issued for the Total Active Portfolio on 31.12.2017 period 01.01.2015 - 31.12.2016 % Quantity Amount % Quantity Amount

Male 67.8 356 1 813 898 60.7 904 5 448 854 Female 32.2 177 861 767 39.3 607 3 535 059

Total 100 533 2 675 664 100 1 511 8 983 913

Analysis of issued loans by the ADB funds for the year 2017 in accordance with the regions.

Region Loans issued for the period The outstanding of loans issued for the 01.01.2017 - 31.12.2017 period 01.01.2017 - 31.12.2017 % Quantity Amount % Quantity Amount

Istaravshan 13.6 138 1 519 900 13.5 113 849 553 Dushanbe (Firdavsi) 12.5 223 1 395 600 13.9 178 877 523 J. Rasulov 12.0 166 1 335 850 8.1 97 510 266 Spitamen 9.1 104 1 012 860 8.4 69 532 284 Bokhtar 8.8 125 979 700 9.0 103 568 946 Khujand 8.0 72 895 500 10.3 60 646 982 Isfara 6.2 73 692 200 6.1 60 384 147 Rudaki 6.2 69 689 450 5.5 54 344 462 Panjakent 5.6 55 626 000 6.5 48 407 284 Gafurov 2.5 23 283 000 2.6 20 163 064 Konibodom 2.4 29 266 500 1.8 20 110 940 Kulob 2.2 31 240 200 3.3 30 210 591 Yovon 2.0 30 227 000 2.0 23 128 624 Dushanbe 1.6 25 182 500 1.9 22 116 854 Dushanbe (Sino) 1.6 20 181 200 1.5 13 93 278 Vahdat 1.6 21 181 000 1.8 15 111 155 Shahrituz 0.8 12 90 300 0.9 10 54 230 Jayhun 0.8 23 85 100 0.8 18 53 402 Mastchoh 0.6 11 69 400 0.5 8 28 708 Tursunzoda 0.5 8 57 600 0.6 4 35 710 Shahriston 0.2 2 27 000 0.3 2 20 017 Devashtich 0.2 2 25 000 0.2 1 9 689 Asht 0.2 4 24 100 0.3 4 18 374 Hisor 0.2 4 24 000 0.2 4 12 364 Dangara 0.1 1 15 000 0.2 1 10 497 J. Balkhi 0.1 1 10 000 0.1 1 9 302 Zafarobod 0.0 - - 0.0 - -

Total 100 1 272 11 135 960 100 978 6 308 248

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Analysis of issued loans for the period 01.01.2015 - 31.12.2016 by the ADB funds in accordance with the regions on 31.12.2017

Region The outstanding of Loans issued for the Total Active Portfolio on 31.12.2017 period 01.01.2015 - 31.12.2016 % Quantity Amount % Quantity Amount

Istaravshan 5.5 26 147 115 11.1 139 996 668 Dushanbe (Firdavsi) 4.0 24 107 409 11.0 202 984 932 J. Rasulov 6.6 42 175 782 7.6 139 686 048 Spitamen 8.0 31 213 251 8.3 100 745 535 Bokhtar 4.9 31 132 178 7.8 134 701 124 Khujand 22.8 122 610 878 14.0 182 1 257 860 Isfara 4.7 28 126 546 5.7 88 510 693 Rudaki 4.2 19 113 539 5.1 73 458 001 Panjakent 11.5 42 307 964 8.0 90 715 248 Gafurov 3.6 15 95 778 2.9 35 258 843 Konibodom 1.3 10 33 950 1.6 30 144 890 Kulob 1.8 20 47 908 2.9 50 258 499 Yovon 2.5 16 66 544 2.2 39 195 168 Dushanbe 3.2 9 86 053 2.3 31 202 907 Dushanbe (Sino) 0.6 7 17 223 1.2 20 110 501 Vahdat 4.9 34 131 477 2.7 49 242 632 Shahrituz 0.5 6 13 233 0.8 16 67 464 Jayhun 0.6 4 16 605 0.8 22 70 007 Mastchoh 0.4 3 9 599 0.4 11 38 307 Tursunzoda 3.7 18 98 142 1.5 22 133 851 Shahriston 0.6 3 15 603 0.4 5 35 620 Devashtich 0.8 1 20 462 0.3 2 30 151 Asht 0.7 4 19 756 0.4 8 38 129 Hisor 0.9 7 24 884 0.4 11 37 248 Dangara 0.4 4 10 722 0.2 5 21 218 J. Balkhi 0.1 2 1 967 0.1 3 11 269 Zafarobod 1.2 5 31 100 0.3 5 31 100

Total 100 533 2 675 664 100 1 511 8 983 913

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