According to the IFC, the proposed project consists of a 4-year senior unsecured loan of up to US$15 million denominated in Kyrgyz Som to Closed Joint-Stock Company “Kyrgyz Investment and Credit Bank” (KICB or Bank), a long-standing IFC client, to be used to increase access to finance for underserved individuals and micro-enterprises (MEs) in the Kyrgyz Republic, including via microfinance institutions, with a particular focus on sustaining affordable housing finance for low-income individuals and financing to women-owned MEs during a challenging economic environment caused by the COVID-19 crisis and further exacerbated by the Russian invasion of Ukraine.
The IFC categorized the project as FI-3.
As stated by the IFC, KICB's current shareholders include AKFED (66%), Habib Bank Limited (18%), DEG (2%), EBRD (2%), IFC (2%) and the Kyrgyz Republic (10%). AKFED is the key strategic shareholder and sponsor of KICB and long-term IFC counterparty. With over 40 joint projects in Africa, South and Central Asia, IFC and AKFED have a long history of partnership. IFC’s experience with AKFED Group has been positive as AKFED has proven to be a strong and committed sponsor.
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