In Bishkek:
Kymbat Ybyshova
Phone: (+996312) 626160
E-mail: KYbyshova@ifc.org
In Moscow:
Ilya Sverdlov
Phone (+7916) 907 4059
E-mail: ISverdlov@ifc.org
Bishkek, August 13, 2008 – Lars Thunell, Executive Vice President and CEO of IFC, a member of the World Bank Group, today concluded an official visit to the Kyrgyz Republic today by emphasizing IFC’s priorities for the country. IFC will continue to promote private sector growth by financing small and medium enterprise projects, helping strengthen the financial sector, and increasing direct investments in agribusiness, energy, and mining. IFC also plans advisory projects to develop leasing and the mortgage market, as well as to improve corporate governance and the business environment.
This was Thunell’s first visit to the Kyrgyz Republic since joining IFC. He met with Prime Minister Igor Chudinov to discuss opportunities for cooperation in promoting the country’s economic growth.
Prime Minister Chudinov expressed his appreciation to IFC for its close collaboration with the country’s government and private sector and highlighted the positive impact of IFC projects on the Kyrgyz economy.
“IFC is helping Kyrgyz companies improve operations, create new jobs, and reduce poverty. We look forward to working with the government to improve the business environment, advance energy sector reforms, and increase investments in the energy, agribusiness, and agro-processing industries,” Thunell said.
Thunell signed a loan agreement to support the Kyrgyz Investment and Credit Bank. The loan will enable the bank to offer more financing options to local small and midsize businesses, focus on the agricultural sector, and increase lending operations in rural areas that are underserved by the financial sector.
Thunell also visited Altyn-Ajydar ltd to discuss progress with its expansion project that will add building materials to its business line. With financing from IFC, the project is expected to increase local production of materials including insulated glass window units and aluminum panels, as well as strengthen the construction sector.
The Kyrgyz Republic joined IFC in 1993, and IFC’s commitments to the country have reached nearly $75 million. This includes $70 million in investments and $5 million in advisory services with a focus on leasing, microfinance, housing finance, and corporate governance.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.
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