Bishkek, Kyrgyz Republic, January 16,
2013—IFC, a member of the World Bank Group, is helping Bai-Tushum
and Partners, a leading microfinance bank in the Kyrgyz Republic, improve
its corporate governance practices, part of an effort to support smaller
business across the country.
IFC will provide the lender with an
in-depth training program to help strengthen internal communications and
encourage dialogue between bank management, its board of directors, and
shareholders. The training will focus on the bank’s corporate secretary,
a key position within the organization. That is expected to help Bai-Tushum
and Partners, the country’s first microfinance bank, reach out to smaller
businesses, a key part of the Kyrgyz economy.
“We are focusing on establishing a
good corporate governance system in order to comply with the legislation
of the Kyrgyz Republic and best international practices in the banking
sector,” said Gulnara Shamshieva, CEO of Bai-Tushum and Partners.
The lender, a long-time IFC investment
and advisory client, received a banking license on November 14, 2012. IFC,
through its Central Asia Microfinance Transformation Support Project, has
advised Bai-Tushum and Partners on the transformation from a microfinance
organization to a commercial bank.
“It is critical for the newly-designated
microfinance bank to establish proper internal practices and procedures,
particularly those related to the corporate secretary functions,” said
Sergii Tryputen, IFC Project Manager. “A strong corporate secretary position
will ensure good corporate governance practices and the smooth running
of the company.”
This initiative is a part the IFC Central
Asia Corporate Governance Project, which is implemented in partnership
with UKaid. The project helps local joint stock companies and banks strengthen
their corporate governance practices to increase their ability to attract
financing and manage risks.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
About Bai-Tushum and Partners
Bai-Tushum was established in 2000 by
ACDI/VOCA, a US-based international development organization, with the
support of the United States Department of Agriculture, the United States
Agency for International Development, and CARITAS, a Swiss relief agency.
Over the past 12 years, the company has grown into one of the leading lending
institutions in the Kyrgyz Republic, with total assets of $100 million.
Today, Microfinance Bank Bai-Tushum and Partners is the seventh largest
bank in the Kyrgyz Republic serving over 30,000 clients. For more
information, visit www.baitushum.kg
To learn more about UKaid, visit