EBRD and KICB to support Kyrgyz SMEs
Summary
The EBRD is providing US$ 7 million to KICBThe European Bank for Reconstruction and Development (EBRD) is pledging additional funds for supporting the sustainability and competitiveness of small and medium-sized enterprises (SMEs) in the Kyrgyz Republic.A senior EBRD loan of up to US$ 7 million extended to the Kyrgyz Investment and Credit Bank (KICB) will help channel much-needed funds to local microbusinesses and SMEs in order to support their capital needs.KICB, which the EBRD has been supporting through debt and equity investments since 2000, operates a network of 55 branches and representative offices across the country and is well placed to provide financing to the countrys SME sector. It is important for the Kyrgyz Republic as the sector employs tens of thousands of people, including those living in remote mountainous areas, and is responsible for almost 40 per cent of the countrys GDP.To date, the EBRD has invested 879 million through 221 projects in the Kyrgyz Republic, with the majority of its funds going to support private entrepreneurship.