OREANDA-NEWS. On 22 July 2009 was announced, that IFC, a member of the World Bank Group, will invest USD 5 million in Demir Kyrgyz International Bank (DKIB), a top commercial bank in the Kyrgyz Republic, to support the bank’s lending activities to micro, small, and medium enterprises. The long-term loan will also help the bank grow and diversify its loan portfolio.

Sevki Sarilar, General Manager of DKIB, said, “Our vision is to be a leading customer-oriented bank focused on supporting the private sector in the transition economy of the Kyrgyz Republic. IFC’s loan will enable us to penetrate the micro, small, and medium enterprise segment and serve a larger number of clients.”

“Small businesses have limited access to resources, especially to long-term financing, in the current challenging global economic environment,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “IFC is pleased to support DKIB and enable the bank to provide financing for growing businesses, contribute to private sector development, and create employment opportunities in Kyrgyzstan.”

IFC is a founding shareholder in DKIB with an equity stake of 15 percent. Other shareholders include Halit Cingillioglu, a Turkish business man and the European Bank for Reconstruction and Development.