Bishkek, Kyrgyz Republic, September
25, 2013 – IFC, a member of the World Bank Group, is helping
the Kyrgyz Republic streamline business regulations in an effort to generate
investment, create jobs, and support sustainable economic development.
IFC will work with the Kyrgyz Government to reform both investment laws
and agricultural regulations. The changes are expected bolster the country’s
business environment and support the farming industry, a major source of
jobs and growth. The project builds on IFC’s previous efforts to reform
business inspections and streamline tax administration.
“IFC has supported the Ministry of Economy of the Kyrgyz Republic in its
efforts to reduce administrative barriers and create a more favorable environment
for doing business,” said Sanjar Mukanbetov, Deputy Minister of Economy.
“As a result of our close cooperation, effective and comprehensive measures
have been implemented to create a transparent and effective system for
The new initiative is part of IFC’s investment climate project in the
Kyrgyz Republic, which aims to improve the business environment, strengthen
the investment policy framework, and increase the transparency of state
“Despite the many reforms carried out over the past decade, the Kyrgyz
Republic is facing a number of challenges in attracting investment, growing,
and diversifying the economy,” said Serhiy Osavoluk, an IFC Project Manager.
“IFC will continue supporting the country as it pursues investment climate
reforms, removes key regulatory obstacles, and develops stronger investment
Since 2008, IFC-supported reforms to the country’s inspection system have
saved the private sector $1.7 million and reduced inspection times by up
to 90 percent for small businesses. They have also simplified value-added
tax procedures, saving businesses $2.3 million.
The investment climate project was made possible with financial support
from the government of Switzerland and the United Kingdom’s Department
for International Development.
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
About Swiss assistance
The Swiss Government provides assistance for the development of the Kyrgyz
Republic and supports projects in areas such as health, private sector
development, public sector reform, and infrastructure. Since 1993 Switzerland
has provided more than CHF 270 million to Kyrgyzstan in the form of technical,
financial and humanitarian support. For more information, visit www.swisscoop.kg
The Department for International Development (DFID) leads the UK’s work
to end extreme poverty. We're ending the need for aid by creating jobs,
unlocking the potential of girls and women and helping to save lives when
humanitarian emergencies hit. For more information, visit www.dfid.org