Early Warning System

Countries

Kyrgyzstan

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

Asian Infrastructure Investment Bank (AIIB)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Borrower

Suerkul Abdybaly tegin, Deputy Minister of Finance

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 50.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 50.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Project Summary (July 9, 2020) [Original Source]

Primary Source

Original disclosure @ AIIB website

Updated in EWS May 13, 2021

Disclosed by Bank Jul 9, 2020

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

PROJECT OBJECTIVE

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.

PROJECT DESCRIPTION

The project will be jointly co-financed with the World Bank (WB), as the lead co-financier, and will be comprised of:

Component 1: Reimbursable Financial Assistance (RFA) to Micro, Small and Medium Enterprises (MSMEs) via financial institutions selected to serve as disbursement administrators.
Component 2: Partial Portfolio Risk Sharing Facility (PRSF), offering a fee-based partial credit guarantee to share part of the credit risk in MSME credits from eligible Participating Financial Intermediaries (PFIs). The facility will offer guarantees on a portfolio basis, and all eligible MSME credits from the PFIs will be included automatically in the facility.
Component 3: Project Implementation, Coordination and Management.

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.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

Asian Infrastructure Investment Bank (AIIB)

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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.

IMPLEMENTATION AGENCY

Bermet Musakozhoeva

Director, Project Implementation Unit at the Ministry of Finance

b.musakozhoeva@piu.kg