OREANDA-NEWS. December 25, 2009. Kyrgyz Investment and Credit Bank (KICB) and Netherlands Development Finance Company (FMO) signed a USD 10 million credit-line agreement for long-term debt financing. The signing ceremony was held in the Hague, Netherlands, reported the press-centre of KICB.

The agreement was signed by Mr. Kwang-Young Choi, Chief Executive Officer of KICB and Mr. Jurgen Rigterink, Chief Investment Officer, and Mr. Ruurd Brouwer, Director Financial Institutions from FMO. By signing credit line agreement with FMO, KICB has attracted total USD 25 million credit lines in one year - 2009.

This is the third credit line that KICB attracted from international financial institutions in 2009. The first credit line of USD 10 million was signed with Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) on November 5th and the second credit of USD 5 million with the European Bank for Reconstruction and Development (EBRD) on December 2nd. The third credit line of USD 10 million with FMO is considered as very important in a sense that it is the first credit-line agreement which KICB attracted from financial institution which is not a shareholder of the bank.

“The signing of this credit line agreement is another important milestone for the bank in realizing the bank’s strategic objectives and represents a significant contribution to the economic development of the Kyrgyz Republic”, said Mr. Kwang Young Choi, CEO of KICB. He also added that “the bank has achieved good results in building a strong credit portfolio and will continue to support private sector companies through sufficient funding from international market. We believe that bank is able to attract funds from external sources thanks to its reputable shareholders, sound banking practice and very solid performance of KICB since its establishment.”

KICB plans to actively increase credits to the entrepreneurs and companies in the private sector of the Kyrgyz economy including: financing to the rural and agricultural sector of the country.