Kyrgyz Republic Developing a Sustainable Finance Market for Micro-, Small-, or Medium Enterprises (MSMEs) project (WB-P505643)

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
  • World Bank (WB)
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
B
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
Apr 18, 2025
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
Government of Kyrgyzstan
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Energy
  • 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)
$ 120.00 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)
$ 120.00 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)
$ 170.00 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
Media Documents
Other Related Projects
Primary Source

Original disclosure @ WB website

Updated in EWS May 26, 2025

Disclosed by Bank May 24, 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.

As stated by the World Bank, the proposed project will develop a sustainable finance market for MSMEs by leveraging the National Development Financial Institutions (NDFIs) and private capital. The State Development Bank (SDB) and the Guarantee Fund (GF) will need to play a catalytic role not only to narrow the large climate financing gap by mobilizing private capital but also to ensure that women and vulnerable populations, and MSMEs are not left out in their adaptation and transition to green economy. Component 1 (sustainable finance) will be implemented by the SDB, Component 2 (green guarantees) by the GF, and Component 3 (project management and capacity building) by the MOF PIU. The funding will come from the IDA Scale-Up Window (SML) and the AIIB, which will jointly co-finance this project. Participating Financial Institutions (PFIs) will be commercial banks and, in some cases, microfinance institutions and credit unions if they meet the PFI criteria, which will be detailed in the Project’s procedural manual. PFIs may participate in both Component 1 and 2 or only either. 

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 project environmental and social risk clasification is 'Moderate' according to the World Bank.

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 on the company's website, the main objective of the Bank's activities is to diversify and stimulate the economy of the Kyrgyz Republic through investment activities, including investments in large national projects on commercially reasonable terms. It was established by the resolution of the Cabinet of Ministers dated May 31, 2022, No. 286 Operating since April 2023.

As of December 1, the shareholder of the Bank is the Cabinet of Ministers of the Kyrgyz Republic, with the shareholder function delegated to the Ministry of Finance of the Kyrgyz Republic.


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.

World Bank Team Leader:

Emiko Todoroki - Senior Financial Sector Specialist
Tatiana Segal - Senior Operations Officer

No contacts provided at the time of disclosure.

Borrower - The Kyrgyz Republic:

Ruslan Tatikov - Deputy Minister of Finance
Email: r.tatikov@minfin.kg

Malik Abakirov - Chairman of the Guarantee Fund
Email: abakirov@gf.kg

Implementing Agencies - The Ministry of Finance

Bermet Musakozhoeva - Director of the PIU
Email: b.muzakozhoeva@piu.kg

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

How it works

How it works