Almaty, Kazakhstan, June 11, 2015 –
IFC, a member of the World Bank Group, opened a conference here
today to help countries in Europe and Central Asia explore the use of movable
assets as loan collateral to improve access to finance for entrepreneurs
and small businesses.
The two-day event highlights movable
assets-based financial products and global best practices to regional financial
institutions. Participants have come from Azerbaijan, Kazakhstan,
China, the Kyrgyz Republic, Tajikistan, Tanzania, and Uzbekistan, as well
as the World Bank Group.
“To encourage greater growth in ECA,
small businesses need much better access to finance,” said Zarina Odinaeva,
IFC Project Manager. “In this regard, an effective tool is movable assets-based
lending. This event will encourage broader adoption of this practice in
Most small businesses have movable assets,
such as vehicles, equipment, inventory, and accounts receivables. But financial
institutions rarely accept these items as collateral. As a result, these
businesses are unable to access the funds they need to grow and banks miss
out on a viable market. Movable assets-based lending helps financial institutions
unfreeze capacity and enable further growth.
This initiative is part of IFC’s Central
Asia Financial Markets Infrastructure Project, implemented by the World
Bank Group Finance and Markets Global Practice. The project aims to strengthen
the financial infrastructure in Central Asia, the Caucasus, and the Western
Balkans. The project is funded by the Government of Switzerland and Development
Bank of Austria (OeEB).
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in about 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and boost shared prosperity. In FY14, we provided more than $22
billion in financing to improve lives in developing countries and tackle
the most urgent challenges of development. For more information, visit