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    Leveraging SME Finance Through Value Chains in Tajikistan

    Mirzoev, Shuhrat; Sobirzoda, Ravshan | October 2019
    Abstract
    Tajikistan’s outlook for small and medium-sized enterprises (SMEs) remains challenging as it continues to recover from economic downturn. The SME sector is small but steadily growing in terms of value addition and share of total employment, although access to finance remains poor and financial literacy is low. The prospects are that unless the business environment, entrepreneurial skills, and banking sector improve, the ability of SMEs to withstand future economic shocks will weaken. The Government of Tajikistan has helped to implement much needed reforms, such as the creation of stock exchange and credit bureau, as well as strengthening regulation and improving the ease of doing business, but a shallow financial sector and underdeveloped capital markets risk reversing the gains from past reforms. Despite modest interest in Tajikistan’s value chains, private investment is low and emerging comparative advantages in niche sectors are therefore not capitalized on. In this context, the authors recommend that sufficient support infrastructure to help SMEs leverage finance should include the rollout of business incubation and acceleration facilities, business associations, and crowdfunding platforms. The existing nontransparent financing architecture, and stakeholders’ weakly coordinated efforts to improve financial literacy and corporate governance standards among SMEs, will continue to hamper value chain development if not adequately addressed.
    Citation
    Mirzoev, Shuhrat; Sobirzoda, Ravshan. 2019. Leveraging SME Finance Through Value Chains in Tajikistan. © Asian Development Bank Institute. http://hdl.handle.net/11540/11246.
    Keywords
    Urban Development Finance
    Trade Finance
    Small Business Finance
    Rural Finance
    Roundtable on International Trade and Finance
    Regional Development Finance
    Public Service Finance
    Public Finance
    Project Finance
    Private Finance
    Nonbank Financing
    Non-Bank Financial Institutions
    Municipal Finance
    Local Government Finance
    Local Currency Financing
    Limited Resource Financing
    International Financial Institutions
    Infrastructure Financing
    Industrial Finance
    Government Financial Institutions
    Government Finance
    Financing of Infrastructure
    Financial Sector Development
    Financial Regulation
    Small Business Finance
    Taxation
    Public Accounting
    National Budget
    Municipal Bonds
    Local Government
    Local Taxes
    International Monetary Relations
    International Financial Market
    International Banking
    Central Banks
    Business Financing
    Capital Resources
    Budgetary Policy
    Capital Needs
    Corporate Divestiture
    Capital Instruments
    Pension Funds
    Insurance Companies
    Banks
    Portfolio Management
    Fiscal Administration
    Economics of Education
    Development Banks
    Bonds
    Small business
    Medium business
    Small to medium sized enterprises
    SMEs
    Use tax
    Taxing power
    State of taxation
    Tax-sales
    Tax revenue estimating
    Tax planning
    Spendings tax
    Special assessments
    Tax administration and procedure
    Sales tax
    Real property and taxation
    Progressive taxation
    Effect of taxation on land use
    Effect of taxation on labor supply
    Intergovernmental tax relations
    Inheritance and transfer tax
    Energy tax
    Small business
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    Citable URI
    http://hdl.handle.net/11540/11246
    Metadata
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    Author
    Mirzoev, Shuhrat
    Sobirzoda, Ravshan
    Theme
    Finance
    Small Medium Business
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise