Currently in Tajikistan there are eight lessors operating in the market since 2005. Among them is Nakhust-Leasing.

Nakhust-Leasing is the first leasing company established in Tajikistan . It is one of four beneficiaries of IFC ’s leasing advisory program in Tajikistan . The company has been trained and advised in areas such as originating leasing operations, credit analysis, risk management and accounting to improve its internal policies and procedures and strengthen capacity. These trainings and consultations have been extremely beneficial for the company in assessing the credit risks of leasing to businesses such as AnisFarm, the company our story runs about.

AnisFarm is a growing pharmaceutical company based in Tursunzade, a small city located 60 kilometers south of Dushanbe . Established in 2000, AnisFarm is currently the only company producing ampoule medicines in Tajikistan from imported raw materials. Launched with an initial production capacity of 10,000 ampoules per day, AnisFarm’s owners came to realize that they would have had to increase their capacity in order to meet the demand for pharmaceutical products in Tajikistan .

This was especially crucial since the company also wanted to access foreign markets, as planned.

“According to market surveys analysis the demand for our production e xceeded our production capacity. We had to take necessary measures in order to increase the production volume and reserve the acquired positions on the local market. This implied purchasing of rather costly equipment, kits and tools”, says Yuldash Sultanov, Director General JLLC AnisFarm.

Upon request of AnisFarm to lease pharmaceutical equipment, Nakhust-Leasing, with IFC ’s technical assistance, performed analysis of opportunities to provide leased equipment, reviewed the loan and made an accurate assessment of risks and opportunities.

In September 2006, Nakhust-Leasing leased ultrasound washing equipment to AnisFarm worth USD 20’000. The new equipment reduced standstill of some equipment parts, improved the quality and increased the volume of production by 30%. This growth has allowed А nisFarm to partner with pharmaceutical companies from Kyrgyzstan , Uzbekistan and Turkmenistan .

Based on the success of the first lease, AnisFarm has obtained additio nal water treatment and packaging equipment from Nakhust-Leasing totaling more than USD 200,000. This has allowed the company to increase production volume from 10,000 to 140,000 ampoules a day, hire six new specialists and increase profits by 23%.

As of date, Chinese, Swiss and Italian investors are interested in cooperating with the company and bringing pharmaceutical production in Tajikistan up to international best standards.

“Leasing has helped us to extend our production and ensure high quality products for both local and external markets,” says Mr. Yuldosh Sultanov, Director of AnisFarm.

“Thanks to IFC ’s support, our company has been able to obtain a strong and reliable client such as AnisFarm, which we hope to work with fruitfully in the long run,” says Mr. Firdavs Berdiev, Director of Nakhust-Leasing.

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At present local businesses, both large and small, are in dire need to replace the existing ageing equipment due to limited investments that could allow purchasing new equipment, as well as limited access to finance. The present conditions hamper continuing growth in production and agricultural sectors, which need new mechanisms and business processes. And leasing is considered as the only solution to address this issue, which could give an impulse for economic growth in the country.