EBRD to issue $5 mln to support lending programs' expansion in Kyrgyzstan
By Aynur Jafarova
The European Bank for Reconstruction and Development (EBRD) will allocate $5 million to support the expansion of lending programs by FINCA, the bank's long-standing client.
EBRD said on March 27 that the credit line to the microfinance organization FINCA, one of Kyrgyzstan's largest and most successful micro-finance institutions, will consist of two parts.
"Some $2 million will be allocated under the Kyrgyz Sustainable Energy Financing Facility (KyrSEFF) to finance companies and families wishing to make energy-efficiency improvements and the remaining $3 million will finance micro and small businesses" the bank noted.
FINCA is an established micro-credit organization in Kyrgyzstan with about 130,000 clients, mostly in rural areas. It has about 100 offices and is represented in every district of the country.
"We share the EBRD's goal to support the energy efficiency drive throughout the country, which is also one of our strategic goals," FINCA's Director General, Makhmud Saidakhmatov said.
EBRD Head of Office in Bishkek, Larisa Manastirli, said this credit line marks FINCA's first participation in KyrSEFF, which was launched a year ago.
"KyrSEFF is part of the EBRD initiative to finance energy efficiency and sustainable energy throughout its region of operations," she noted.
Since the start of its operations in Kyrgyzstan, the EBRD has invested approximately $630 million in about 110 projects across different sectors of the Kyrgyz economy.