FIF - CA WiB Programme - KICB Loan II (EBRD-55272)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Kyrgyzstan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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."
Voting Date
Oct 8, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Kyrgyz Investment and Credit Bank (KICB) CJSC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 2.00 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.
Loan Amount (USD)
$ 2.00 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)
$ 2.00 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
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 31, 2024

Disclosed by Bank Oct 17, 2024

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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.

According to the EBRD, the project consists of the provision of a senior loan of up to US$ 2 million equivalent in the synthetic Kyrgyz Som (KGS) to Kyrgyz Investment and Credit Bank (KICB) under the Central Asian Women in Business Programme (CA WiB) for on-lending to women-led micro, small and medium-sized enterprises.

The project's objective is to promote and support women entrepreneurship in Kyrgyz Republic and, more broadly, women's participation in business by assisting women-led micro, small and medium-sized enterprises (MSMEs) to access finance, know-how and advice, particularly in the country's regions and with the digitalization component. Thus, addressing the financing gap, which is a major obstacle in enabling the transition of women-led MSMEs.

The loan will support the transition objective of the programme, i.e. the promotion of female entrepreneurship and, more broadly, women's active participation in business, alleviating gender inclusion gaps in terms of "access to finance" and "employment and entrepreneurship" with digital component. Taken together, these targets will contribute to improving access to finance for women entrepreneurs in Kyrgyz Republic.

Technical Cooperation:

The CA WiB TC Programme includes two linked components:

(i) Tailored capacity-building for PFIs: a TC Programme for capacity building and programme support. Funding source: Women Entrepreneurs Financing Initiative (We-Fi).

(ii) Capacity-building for women-led MSMEs via the Advice for Small Businesses (ASB) team. Funding source: We-Fi.

Non-Technical Cooperation:

The Project includes two components:

(iii) The project includes First Loss Risk Cover (FLRC) of up to 10 per cent of the Loan or up to USD 0.2 million (limited to 70% of a single sub-loan). The FLRC will compensate for credit losses of KICB, if any, as a result of its participation in the programme. Funding source: We-Fi and Small Business Investment Fund (SBIF).

(iv) Financial incentive payments to sub-borrowers - at the lowest of 10% of the disbursed sub-loan amount or USD 0.2 million under the digital component. Funding source: We-Fi.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The EBRD categorized the project risk as 'FI'.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Kyrgyz Investment and Credit Bank (KICB) is a major private bank in Kyrgyz Republic. With total assets of US$ 680m at end-1H 2024, KICB is ranked the sixth largest bank in the Kyrgyz Republic with close to 9 per cent market share by total assets. The bank is majority owned (90 per cent) by the Aga Khan Fund for Economic Development ("AKFED", Switzerland).


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.

Financial Intermediary - Kyrgyz Investment and Credit Bank (KICB) CJSC:

Aida Ibragimova
Email: AidaI@kicb.net
Phone: +996 312 62 12 29 / +996 312 62 02 02
Website: www.kicb.net
Address: 21, Erkindik blvd., Bishkek, Kyrgyz Republic

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works