January 15, 2015, Bishkek, Kyrgyz Republic—The
World Bank Group is helping the Kyrgyz Republic create an investment-friendly
business climate as part of a broader effort to encourage economic growth
in the country.
Today in Bishkek, IFC, a member of the
World Bank Group, and the Ministry of Economy are hosting a roundtable
to examine the current investment incentive regime and develop recommendations
to improve it, including the creation of new incentives.
IFC also presented the results of its
research into forming a comprehensive inventory of incentives, including
data on the types of incentives offered, as well as their values, eligibility
criteria, source, discretion, and other relevant information. The incentives
inventory would serve as a key diagnostic tool to pinpoint areas for deeper
analysis and potential reform activities.
“The government realizes that it needs
to create a favorable environment that includes guarantees for investors,
thus we intend to make considered decisions and apply best practices in
this field,” Kylych Djakypov, Deputy Minister of Economy of the Kyrgyz
“Effective incentive policy suggests
that governments take an approach that balances effective fiscal policy
to raise revenues for public goods while not compromising a country’s
attractiveness as a destination for investment or job creation,” said
Serhiy Osavoluk, IFC Project Manager.
The initiative is part of the World
Bank Group’s efforts to improve the investment climate in Central Asia
by facilitating investments and reducing compliance costs for businesses.
The Central Asia Investment Climate Program is a part of the World Bank
Group Global Practice on Trade and Competitiveness. The Practice’s focus
is on driving economic growth and job creation by strengthening competitiveness,
increasing trade, promoting investment, fostering innovation, and promoting
entrepreneurship, in partnership with policymakers and the private sector.
The program has been implemented in
partnership with the government of Switzerland and the United Kingdom’s
Department for International Development.
About the World Bank Group
The World Bank Group is one of the world's largest sources of funding and
knowledge for developing countries. It comprises five closely associated
institutions: the International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA), which together
form the World Bank; the International Finance Corporation (IFC); the Multilateral
Investment Guarantee Agency (MIGA); and the International Centre for Settlement
of Investment Disputes (ICSID). Each institution plays a distinct role
in the mission to fight poverty and improve living standards for people
in the developing world. For more information, please visit. www.worldbank.org,