Original disclosure @ FMO website
Updated in EWS Jul 15, 2020
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According to FMO website under this project the provided loan is allocated to Bai Tushum Bank (“BTB”) in Kyrgyzstan with the purpose of providing stable medium term funding in local currency to finance BTB's loan portfolio and improve the balance sheet structure of the bank.
The funds will be used to finance a combination of Micro clients and women/youth/rural agricultural SME clients of the bank.
Environmental and social rationale
The project has been categorised as Category C in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
Bai Tushum Bank (“BTB”) is a top-10 mid-sized universal bank with focus on MSME/Retail in the Kyrgyz Republic. With ~700 staff the bank operates a countrywide network. Their mission is to help their country, society, citizens and businesses by means of providing understandable, affordable and innovative financial solutions.