Stories tagged with Tajikistan

May 5, 2010 TJ Tajikistan

By Rosalind Piggot, KF10, Tajikistan

I always assumed that farmers requesting loans on Kiva were carrying on a traditional, family activity.  Farming was a profession passed from father to son, from mother to daughter. The same practices were maintained for generations.  I didn’t ask any more questions.

I recently discovered that things are a little different in Tajikistan.

Agamnazar

During a visit to...

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May 5, 2010 TJ Tajikistan

By Rosalind Piggot, KF10, Tajikistan

As I sat down at the living room table, former Kiva Entrepreneur Mavluda Muhidinova hurried to show me her work.  5 plate-shaped pieces of black material were already on the table: work in progress.  Mavluda had been hand-stitching traditional Tajik men’s hats, which are part of her business as a hat maker.

Mavluda shows me the first hat she ever made

I was amazed when Mavluda pulled out the first hat she ever made.  ...

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Apr 4, 2010 TJ Tajikistan

By Rosalind Piggot, KF10, Tajikistan

Following the recent New York Times article questioning the interest rates charged in microfinance, I looked back at recent blogs by Kiva Fellows about interest rates and sustainability. In comments on those blogs and on Kiva’s lender team sites, a lot of people were asking: “Do I want to lend via a for-profit institution?” and similar questions.

As a fellow in Tajikistan, I don’t think for-profit status undermines social mission. Why?

1.The other...

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Apr 4, 2010 TJ Tajikistan

From my neighbors’ flat in Khujand, in northern Tajikistan, we watched images of Kyrgyzstan’s...

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Jul 7, 2009 TJ Tajikistan

It has to be a devastating feeling to wake up one morning to find that 20% of your savings have vanished into thin air through no fault of your own. Unfortunately, that’s the reality that developing countries often have to deal with when their country’s financial systems are unable to keep the control over the value of their currency.

When I completed my Kiva Fellows placement in Tajikistan in early April, the local currency there was at around 3.80 Somoni to 1 USD. But something odd started to happen in the weeks to come. Somoni suddenly started to...

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Jul 7, 2009 KG Kyrgyzstan

Going full circle. Ferris Wheel in Bosteri, Issyk-Kul Lake Region, Kyrgyzstan

It was exactly half a year ago, on January 23rd, that I packed all of my belongings in one 30-pound backpack and left New York City for a 7 month trip to Central Asia and India. I only had a slightest idea of what the trip would wind being like and what exactly I’d be doing during all that time. I just knew that it was something that I had to try for myself, even if I couldn’t...

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Mar 3, 2009 TJ Tajikistan

At 7:15am in the morning, I got into a car with my MFI’s boss and three other employees. They were headed to Kurgan-Tube, a town about 150km from the border of Afghanistan, to check out a few things at their local branch and offered me to come along. Since this would be a good opportunity to meet with a few micro-finance borrowers in that area, I jumped at the opportunity.

When I got to the branch office, one of their loan officers offered to take me to a handful of his clients that were coming to an end of paying back their loans. These are typical micro-finance customers and...

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Mar 3, 2009 TJ Tajikistan

Some of the borrowers I have met in the field

As I was visiting the MFI clients in the field, the borrower would often proudly annnounce that he or she was on their 5th loan… or their 7th loan… or even on the 9th one. Although this does show an impressive credit history, something about it was bothering me.

Before coming here, I had a few assumptions about what a business loan is...

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Feb 2, 2009 TJ Tajikistan

* image used for illustration purposes only; it is not an actual sign used by our MFI *

The end of the month is always a hectic period at my micro-finance institution. It’s considered to be a critical time to collect the late loan repayments, in order to reduce the amount of risk in the portfolio when the new month rolls around.

There are a number of meetings that take place among the loan officers and the management where the problem clients and groups – those...

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Feb 2, 2009 TJ Tajikistan

One of the reasons why so many people around the world are not eligible for traditional credit and financial services is because they don’t have any collateral to offer to the lender. However, ironically, collateral alone is often not enough anyway. If you look at traditional borrowers in the U.S., who take out mortgages while putting their house down as a collateral or other loans, the default rates are still quite high (even before the crisis).

So is physical collateral a necessity? Or can credit be given without it?

About 2 Percent

One of the...

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