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IFC Investment to Expand Financing to Small Businesses in Kyrgyzstan


In Bishkek:
Kymbat Ybyshova
Phone (+996 312) 626 160
E-mail: KYbyshova@ifc.org

In Istanbul:
Başak Pamir Ülgen
Phone (+90 212) 385 3075
E-mail: BUlgen@ifc.org

Bishkek, July 17, 2009—IFC, a member of the World Bank Group, will invest $5 million in Demir Kyrgyz International Bank (DKIB), a top commercial bank in the Kyrgyz Republic, to support the bank’s lending activities to micro, small, and medium enterprises. The long-term loan will also help the bank grow and diversify its loan portfolio.

Sevki Sarilar, General Manager of DKIB, said, “Our vision is to be a leading customer-oriented bank focused on supporting the private sector in the transition economy of the Kyrgyz Republic. IFC’s loan will enable us to penetrate the micro, small, and medium enterprise segment and serve a larger number of clients.”

“Small businesses have limited access to resources, especially to long-term financing, in the current challenging global economic environment,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “IFC is pleased to support DKIB and enable the bank to provide financing for growing businesses, contribute to private sector development, and create employment opportunities in Kyrgyzstan.”

IFC is a founding shareholder in DKIB with an equity stake of 15 percent. Other shareholders include Halit Cingillioglu, a Turkish business man and the European Bank for Reconstruction and Development.


About IFC
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. IFC’s new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.

About DKIB
Demir Kyrgyz International Bank is a closed joint-stock company, which was incorporated in the Kyrgyz Republic in 1997. The bank is among the top five commercial banks in the Kyrgyz banking sector in terms of asset size, capital, and profit. Demir Kyrgyz International Bank has a network of four branches. The bank contributes to the development of the economy and the banking sector of the Kyrgyz Republic and has a big impact on the local banking system.