Bishkek, Kyrgyz Republic, November 3,
2009—IFC, a member of the World Bank Group, will provide a $10 million
loan to ATFBank-Kyrgyzstan, a leading financial institution in the Kyrgyz
Republic, to support the bank’s lending to small and medium enterprises
(SMEs) in the country.
IFC’s medium-term loan will help increase the availability of banking
services and financial products for Kyrgyz small and medium enterprises
at a time of limited funding opportunities in the country and the current
challenging global economic environment. The investment also will help
the bank diversify, increase the volume of funding and better manage its
asset and liability position.
Alexander von Gleich, Chairman of ATFBank-Kyrgyzstan
Board of Directors, said, “Since its establishment, our bank has achieved
excellent results in building a strong credit portfolio which is the largest
among Kyrgyz banks. With this loan from IFC, we will be able to further
support the Kyrgyz private sector, especially the SMEs.”
Shahbaz Mavaddat, IFC Director for Southern
Europe and Central Asia, said, “IFC is pleased to establish this partnership
with ATFBank-Kyrgyzstan to boost access to finance, which is the foundation
for private sector growth and jobs creation in the country. This transaction
reflects IFC’s regional initiatives to support financial institutions
under difficult conditions in international financial markets.”
The Kyrgyz Republic joined IFC in 1993.
IFC commitments to the country have reached nearly $90 million, including
investments and other advisory services with a focus on business environment,
financial infrastructure and corporate governance.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
ATFBank-Kyrgyzstan is one of the top
five commercial banks in the Kyrgyz banking sector in terms of asset size,
capital, and profit. With the largest loan portfolio among Kyrgyz banks,
ATFBank-Kyrgyzstan has 13 branches throughout the Kyrgyz Republic. For
more information, visit www.atfbank.kg.