OREANDA-NEWS. July 28, 2009. IFC, a member of the World Bank Group, and the Ministry of Economic Development and Trade of the Kyrgyz Republic signed a Memorandum of Understanding and an Action Plan for 2009-2010. The IFC Business Enabling Environment Project (BEE), in partnership with the government of Switzerland, will work with the Kyrgyz government to identify and remove regulatory and administrative barriers to business.

The Memorandum and the Action Plan highlight a strategy for collaboration between the Kyrgyz government and IFC for streamlining inspections practices and SME taxation. Through the project, IFC monitors changes to the business environment in the Kyrgyz Republic by conducting nationwide surveys of the private sector. Other efforts include helping increase entrepreneurs’ awareness of their legal rights and foster dialogue between the government and private sector. 

The project was launched in February 2009. Currently, BEE in the Kyrgyz Republic monitors and assesses the effectiveness of the ongoing reforms through surveys of the private sector. The project spends considerable time and efforts to increase legal awareness of entrepreneurs through outreach and advocacy work.

Through its business enabling environment work in Eastern Europe and Central Asia, IFC helped governments amend or enact 13 major laws and regulations that led to US301 million in cost savings for small and medium enterprises. IFC also helped draft or amend about 100 others that have been adopted by governments. IFC surveys of SMEs provided policymakers with about 200 detailed recommendations for improvements.

The Kyrgyz Republic joined IFC in 1993. IFC commitments to the country reached nearly \\\\$80 million, including investments in the private sector and advisory services focusing on financial infrastructure, microfinance, corporate governance, and business environment reforms.