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| Type | Private |
|---|---|
| Industry | Banking |
| Founded | 2008 |
| Headquarters | , |
Area served | Tajikistan |
Key people | Niyozmurod Saidmurodov (Acting Chairman) [1] |
| Website | spitamenbank |
Spitamen Bank is a bank operating nationwide in Tajikistan under license from National Bank of Tajikistan. [2] [3] [4] [5]
The Spitamen Bank started its Microcredit Deposit Organization in the country as Spitamen Capital in 2008 [6] [7] leading to a banking license from the National Bank of Tajikistan by 2014. [7] [8] The company holds the license for banking operations in both local and foreign currency; reportedly, the company gained this license due to the launch of Spitamen Capital micro financial organization. [9] As of 2014, there are 17 acting banks in Tajikistan. [9] [10] [11]
The company's logo consists of two semicircles combined in one ring to symbolize "endless business process". The up arrow is used to symbolize "growth prospects" and development of the bank and uses gold and silver colors similar to the bank name's color scheme. The bank name has been derived from a Sogdian warlord who was the leader of rebellion in Sogdiana and Bactria against Alexander the Great. [7]
In 2013, at Frankfurt, the Closed Joint Stock Microcredit Deposit Organisation 'Spitamen Capital' received an International Arch of Europe Award, a vanity award. [12]
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Tajikistan did not join in the World Bank until 1993. Before the collapse of USSR in 1991, Tajikistan was experiencing planned economy which was dominated by Moscow. Right after the dissolution, different from other nations which experienced a relatively stable transition from planned economy to market economy, Tajikistan fell into a serious civil war. As a result, the first mission after Tajikistan became the official member of the World Bank, was to recover its economy from bullets and blood. In 1997. $10 million credit was grant for Post-Conflict Rehabilitation Project. The proposed credit was used to conduct necessary imports and to restore production. Under different time periods, the World Bank and Tajikistan worked together in response to various problems. Later on, the economic crisis of 2008 caused the inflation of food prices in Tajikistan. In response to the crisis, the World Bank issued $6.25 million for the Emergency Food Security and Seed Imports Project in order to help at least 28000 households to release the food price pressure. Coming into the 21st century, Tajikistan received financing from IDA and IBRD of the World Bank with respect to programs of healthcare, education, irrigation and agriculture. Over the past years, Tajikistan has received over 130 projects of which 17 are active and a total of over $1.4 billion from the World Bank. With the help of those projects, from 2000 to 2017, the poverty rate in Tajikistan had been decreased from 83% to 29.5%. Besides, current GDP growth rate in Tajikistan is around 7%. Nevertheless, with a stable GDP growth rate, Tajikistan is still one of the poorest countries in Central Asia.
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