The objective of the due diligence was to gain a thorough understanding of the business situation at First Microfinance Bank (FMFB) by evaluating its potential profitability.

BFC accomplished the following during the assignment:

• provided a short overview of the macroeconomic situation in Tajikistan, with a special focus on financial market potential
• analyzed the financial and operational (especially management and governance) environment in FMFB
• evaluated the business strategy of FMFB with a focus on products and operations
• assessed FMFB's position in the microfinance market and its profitability outlook
• projected financial outcomes of the possible investment
• developed recommendations for the potential investor