25.11.2009, 10:24
IFC Partners and Swiss Govt to Expand Access to Finance in Kyrgyzstan
OREANDA-NEWS. November 25, 2009. IFC will work with the government and financial institutions to establish and strengthen credit information sharing and introduce formal education in risk management and certification for financial institution employees. It also will help increase public awareness on the benefits of credit bureau. This initiative is part of the Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project, reported the press-centre of IBC.
“New lending volume is shrinking as financial institutions are preparing for lower remittances from overseas worker and lower economic growth. Long-term impact of the project shall demonstrate expanded secure access to finance for retail and MSMEs and market demand for private credit information sharing systems by increasing revenues and attracting external investment and financing,” – said Andrea Studer, Deputy Country Director, the Swiss Cooperation Office.
“Access to finance is one of the foundations for private sector growth, stimulating economic activities and creating jobs. The project reflects IFC’s strategy of strengthening financial markets infrastructure to better deliver sustainable and efficient financing for SMEs in the country,” - said AnastassiyaMarina, IFCProject Manager.
Well-developed and effective credit information sharing systems are critical to expanding access to credit for both individuals and small businesses. Credit bureaus allow financial institutions to get timely, credible, and objective information on borrowers, which could allow financial institutions to reduce loan processing time and credit defaults.
IFCis the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with the IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by developing financial infrastructure to expand access to finance for people and smaller businesses in the Kyrgyz Republicand the wider region.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled US14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org
About Switzerland’s support
The Swiss Cooperation provides development assistance to the Kyrgyz Republic and coordinates Swiss funded projects in Kyrgyzstan and in the Central Asia region in such areas as health care reform, water management and disaster risk reduction, basic infrastructure, private sector development, public institutions and services. The average annual disbursement to the Kyrgyz Republic by SwitzerlandtotalsUSD 13-14 million. For more information, visit www.swisscoop.kg
“New lending volume is shrinking as financial institutions are preparing for lower remittances from overseas worker and lower economic growth. Long-term impact of the project shall demonstrate expanded secure access to finance for retail and MSMEs and market demand for private credit information sharing systems by increasing revenues and attracting external investment and financing,” – said Andrea Studer, Deputy Country Director, the Swiss Cooperation Office.
“Access to finance is one of the foundations for private sector growth, stimulating economic activities and creating jobs. The project reflects IFC’s strategy of strengthening financial markets infrastructure to better deliver sustainable and efficient financing for SMEs in the country,” - said AnastassiyaMarina, IFCProject Manager.
Well-developed and effective credit information sharing systems are critical to expanding access to credit for both individuals and small businesses. Credit bureaus allow financial institutions to get timely, credible, and objective information on borrowers, which could allow financial institutions to reduce loan processing time and credit defaults.
IFCis the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with the IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by developing financial infrastructure to expand access to finance for people and smaller businesses in the Kyrgyz Republicand the wider region.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled US14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org
About Switzerland’s support
The Swiss Cooperation provides development assistance to the Kyrgyz Republic and coordinates Swiss funded projects in Kyrgyzstan and in the Central Asia region in such areas as health care reform, water management and disaster risk reduction, basic infrastructure, private sector development, public institutions and services. The average annual disbursement to the Kyrgyz Republic by SwitzerlandtotalsUSD 13-14 million. For more information, visit www.swisscoop.kg
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