EDB launches a microcredit programme in Kyrgyzstan
Almaty, 9 December 2013. Today Eurasian Development Bank (EDB) signed a US $5 million loan agreement with Halyk Bank Kyrgyzstan for three years to finance a microcredit programme in Kyrgyzstan.
The loan is provided in the framework of the EDB Programme for the Support of Microfinance by Means of the Provision of Targeted Loan Facilities to Financial Institutions.
Halyk Bank Kyrgyzstan will select sub-borrowers — individual entrepreneurs and companies that meet the criteria approved by EDB — on its own. In particular, the companies’ personnel must not exceed 50 employees. The loans between US $1,000 and US $100,000 will be provided for a period of up to two years.
The project launched by EDB and Halyk Bank Kyrgyzstan will help promote the sustainable development of micro and small businesses in Kyrgyzstan, the advancement of the competitive environment and, in the end, an increase in production and in the range of goods and services produced as well as the improvement of their quality. Therefore, the support provided to micro and small businesses in Kyrgyzstan will contribute significantly to the development of the country’s market economy.
Additional Information
Halyk Bank Kyrgyzstan is part of the Halyk Group, a financial group of Halyk Bank Kazakhstan. The bank was set up in 2004 after Halyk Bank Kazakhstan, one of the leaders of Kazakhstan’s financial market, had acquired 100% of shares in Kairat Bank. Halyk Bank Kyrgyzstan is headquartered in Astana and has four divisions in Bishkek and one division in each of the towns of Osh, Jalal-Abad, Kara-Suu, Kara-Balta and Cholpon-Ata as well as savings divisions in Bishkek, Osh, Jalal-Abad and Uzgen.
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.