Bishkek, Kyrgyztan, April 16, 2009–IFC,
a member of the World Bank Group, today released the results of a three-year
program to help Kyrgyzstan develop its leasing market. With support from
the Swiss government, IFC assisted local participating financial institutions
in closing $2.8 million leasing transactions and enabled them to attract
$5 million in additional investment. With the IFC’s help the Kyrgyz
leasing market has grown by $1.5 million from 2005 to 2008.
IFC also helped the Kyrgyz government to amend the country’s tax code,
removing a major administrative obstacle to the leasing sector’s development
in 2008. As a result, the local leasing market tripled in that year. IFC
has been supporting leasing development in Kyrgyz Republic with funding
“Leasing is one of the means to increase access to finance and create
employment in the country. The Swiss Government is satisfied that
IFC played a significant role in supporting these endeavors by the Kyrgyz
government and private sector,” – said Andrea Studer, Deputy Country
Director, Swiss Cooperation Office in the Kyrgyz Republic.
To develop institutional capacity of leasing institutions, IFC trained
over 230 leasing specialists in leasing basics, credit analysis in leasing,
microleasing, risk management, human resources management, financial analysis
and monitoring of leases.
On April 30, IFC completes its leasing development activities in Kyrgyz
Republic. The Union of Kyrgyz Banks will take over the lead from IFC in
lobbying for leasing market interests, conducting leasing training and
publishing results of the annual market survey upon the project’s completion.
The Union will also manage a web-site page on leasing issues: www.ub.in.kg/leasing.
“Through legislative initiatives and capacity building of the local financial
institutions, IFC has created a favorable environment for further leasing
growth in the country. We are the Union of Kyrgyz Banks is committed to
further support the leasing market development in the Kyrgyz Republic,”
– said Anvar Abdraev, the President of the Union of Kyrgyz Banks.
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 $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About Switzerland’s support
The Swiss Government aim is to assist and financially support partner countries
in creating basic regulatory and economic policy conditions to enable business
to flourish and benefit all. Switzerland is represented in the large multilateral
trade organizations and international negotiations, and is involved in
efforts to reduce poverty and help developing countries with transition
economies build sustainable democratic societies and viable market economies.
Each year, Switzerland spends about $1.5 billion on development cooperation
and transition assistance to developing countries. For more information,