AIIB provides financial support Kyrgyz Republic in order to support Micro, Small and Medium Enterprises (MSMEs) in response to and during the recovery from the COVID-19 crisis.
The project will be jointly co-financed with the World Bank (WB), as the lead co-financier, and will be comprised of:
AIIB will co-finance with the WB sub-components1.2 and 2.1, and component 3.
ENVIRONMENTAL AND SOCIAL INFORMATION
The project will be co-financed with the WB, and its environmental and social (ES) risks and impacts have been assessed in accordance with the WB's Environment and Social Framework (ESF). To ensure a harmonized approach to addressing the ES risks and impacts of the project, and as permitted under AIIB's Environmental and Social Policy (ESP), the WB ESF will apply to the project in lieu of AIIB's ESP. AIIB has reviewed the WB ESF and is satisfied that: (a) it is consistent with AIIB's Articles of Agreement and materially consistent with the provisions of AIIB's ESP, including the Environmental and Social Exclusion List, and the relevant ES Standards; and (b) the monitoring procedures that are in place are appropriate for the project.
ACCOUNTABILITY MECHANISM OF AIIB
In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.
Director, Project Implementation Unit at the Ministry of Finance