Bishkek, Kyrgyz Republic, October 14,
2009—IFC, a member of the World Bank Group, has helped Bai-Tushum
and Partners, an organization in the Kyrgyz Republic, transform itself
from a microcredit to a microfinance company that provides a broader range
of financial services to micro-entrepreneurs across the country.
IFC mentored senior Bai-Tushum managers
in strategic and business planning before the company’s successful transition
to a closed joint-stock microfinance institution, with foreign equity participation.
Bai-Tushum now has applied for an official deposit-taking license from
the National Bank of the Kyrgyz Republic that will allow it to provide
deposit, savings, and related services to the public.
The IFC Azerbaijan and Central Asia
Microfinance Transformation Support Project provides advisory services
to businesses in the Kyrgyz Republic and across the region that want to
become microfinance institutions. Services include providing support for
organizational and financial restructuring, investor relations, and consulting
in key organizational and institutional capacity-building activities relevant
to the transformation process.
Bai-Tushum, a long-term IFC investment
client in the Kyrgyz Republic, is now one of the leaders in the country’s
microfinance market, holding an estimated 26 percent market share. The
company has a network of seven branches and 37 sub-branches nationwide
that provide financial products to micro-entrepreneurs in various sectors.
“By being able to offer different deposit
schemes to our clients, we will be able to mobilize savings from the population
and increase our funding base,” said Gulnara Shamshieva, Bai-Tushum’s
General Manager. “IFC’s expertise in the financial sector is helping
us achieve this goal.”
Since 2008, IFC has supported microfinance
companies in Azerbaijan and Central Asia in their transformation processes
to achieve increased financial sustainability.
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.