Investment proceeds will be used to increase access to finance for micro finance institutions (MFIs), underserved individuals and micro enterprises (MEs) in the Kyrgyz Republic, with a particular focus on sustaining affordable housing finance for low-income individuals and financing to women-owned MEs. IFC plans to complement the investment with two potential advisory projects focusing on:
(i) enhancing KICB’s products for women entrepreneurs and help shaping digital strategy;
(ii) supporting development and implementation of the Social and Environmental Management Systems (ESMS)
The Kyrgyz Investment and Credit Bank (KICB) was established in 2001 with share capital of USD 7 million. By the end of 2007 the share capital of the bank was increased to USD 10 million. In 2010 Board made decision to increase the Capital of the bank up to USD 17,5 million. This demonstrates strong evidence of bank shareholders’ confidence in the bank future development. Its shareholders are international financial institutions (90%) and the Government of the Kyrgyz Republic (10%).
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/