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IFC Helps the Kyrgyz Republic Improve Investment Climate


IFC in Bishkek:
Kymbat Ybyshova
Phone +99 631 262 6162

E-mail:
KYbyshova@ifc.org  


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 business regulations.”


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 governance.  

 
“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 policy legislation.”

 
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.


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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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  

About DFID

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