With no initiative from banks, Rogun’s funds will be accumulated by Ministry of Finance




June 23, 2010 - Zarina Ergasheva


If banks refuse to take part in a regular tender or their proposals are rejected by the Ministry of Finance, the funds will be returned to Rogun HPP’s account, Tajik Deputy Minister of Finance Jamshed Norinov told the AP.

He said that those $80mln planned to be deposited in one of Tajik banks will be accumulated by the Tajik Ministry of Finance.

“No specific conditions for interest rates have been announced, but they should not be lower than refinancing rate specified by the Central Bank of Tajikistan which makes 8%,” he said.

He expressed indignation over the fact that during the last tender banks failed to propose favorable interest rates. “One of tender participants offered 0,03% which is lower than 1% rate. These are public funds and people will not be able to get any income from such rates. I wonder whether banks did that intentionally or not,” he added.

According to the source, tender conditions in the third tender will remain the same: only Tajik banks are allowed to apply, while the period of deposit account remains till January 1, 2011. The Government of Tajikistan has set up a special tender commission to deal with all tender related issues. The commission is headed by Tajik Vice Prime Minister Assadullo Gulomov, the source said.

There was no winner in the last tender, which was held on May 28 in the Tajik Ministry of Finance. Only three out of 14 Tajik banks took part in the tender. Average interest rate announced by the participants did not exceed 0,6% and all proposals were rejected.