Bishkek, Kyrgyz Republic, July 6, 2017—The
World Bank Group is helping the Kyrgyz Republic undertake a series of reforms
to strengthen the country’s financial infrastructure and boost access
to finance for borrowers, including small and medium enterprises.
Since 2009, IFC’s advisory services team,
part of the World Bank Group’s Finance and Markets Global Practice, has
been working with the credit
bureau CIB Ishenim to help it operate
its business more sustainably. With that support, the
credit bureau was transformed from a noncommercial to a commercial entity
in 2014 and, earlier this year, obtained
its first license from the National Bank of the Kyrgyz Republic, the country’s
central bank.
Earlier this month, CIB
Ishenim also signed an agreement with
Creditinfo Solutions, a leading service provider for credit information
and risk management solutions worldwide, allowing it to become a shareholder
in CIB Ishenim.
“The investment agreement between CIB Ishenim and Creditinfo Solutions
will help take our credit reporting system to the next level,” said Tolkunbek
Abdygulov, Chairman of the National Bank of the Kyrgyz Republic. “It will
help CIB Ishenim better cater
to the information requirements of commercial lenders,
improving their efficiency
and contributing to a more modern and
stable financial market in the country.”
IFC has also helped the central bank develop
the legal and regulatory frameworks necessary to underpin a strong credit
reporting system. This resulted in the adoption of a new law on credit
histories in 2015 and the passing of a number of important amendments to
existing legislation over the past several years.
“Access to finance is one of the main obstacles to doing business in the
Kyrgyz Republic,” said Moazzam Mekan, IFC regional Manager for Central
Asia. “Allowing individuals and companies to build positive credit histories,
and creating a well-functioning credit-reporting system helps open doors
for smaller businesses, enabling them to access credit to grow, create
jobs and benefit the overall economy.”
The IFC Azerbaijan-Central Asia Financial Markets Infrastructure Project
is funded by the government of Switzerland.
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,
www.miga.org,
and www.ifc.org.
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