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IFC, Austria to Extend Financing to Central Asian Farmers


In Bishkek:
Kymbat Ybyshova
Phone +99 631 262 6162

E-mail:
KYbyshova@ifc.org  

In Dushanbe

Zebo Nazhmedinova

Telephone: +992 918 640928

E-mail:
ZNazhmedinova@ifc.org


Dushanbe, Tajikistan, March 11, 2014—IFC, a member of the World Bank Group, is helping agricultural producers in the Kyrgyz Republic, Tajikistan, and Uzbekistan access bank financing, find markets, and grow, boosting sustainable production.  

IFC’s new advisory project will help farmers and agri-businesses become bankable through targeted training, supply chain development, and links to markets and financial institutions. IFC will also work with local financial institutions to develop lending tools unique to agri-financing and improve their risk management.


The countries’ key strategic agriculture supply chains—cotton, apricots, and dairy produce—will be IFC’s focus.


“Increasing access to finance for the agriculture sector is critical for employment and development in Uzbekistan,” said Olmahon Turajonova, Chairman of the Board of OJSCB Hamkorbank. “This new collaboration with IFC will enable our bank to increase its support for agriculture and build a strong portfolio in the sector.”
 
Mai Nguyen, IFC Access to Finance Program Manager, said: “Agriculture plays a major role in the economies of Central Asia, where more than 60 percent of the total population is involved in the sector. Through this program, IFC will encourage financial institutions and supply chain aggregators to target and service farmers and agri-businesses, increasing their output and capacity along the whole supply chain.”


The new IFC advisory project is supported with funds from the Austrian Ministry of Finance. It builds on IFC’s previous efforts to improve the enabling environment, expand access to finance, and build the capacity of farmers and agri-businesses in the region.


IFC is one of the largest foreign investors in agribusiness in Europe and Central Asia. In fiscal year 2013, it invested $442 million in 15 projects in the sector across the region.  

About IFC
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 more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org.

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For more information about Austrian Ministry of Finance, visit
https://english.bmf.gv.at.