IFC to Help Kyrgyz Not-for-Profit Group Reach More Microentrepreneurs
Friday, January 27, 2006
The International Finance Corporation, the private sector arm of the World Bank Group, today signed an agreement to provide a $2.2 million financing package to Micro Credit Agency Bai Tushum Financial Foundation, one of Kyrgyzstan?s leading micro lending institutions.
Through the package, IFC will support the transformation of Bai Tushum from its present not-for-profit status to a more sustainable, commercially-oriented, deposit-taking financial institution that can serve as a model for similar microfinance organizations in the Kyrgyz Republic.
IFC?s Director for Global Financial Markets, Jyrki Koskelo, said, “The IFC financing will enable Bai-Tushum to expand its lending activities to farmers, private entrepreneurs, and micro and small enterprises and extend its reach to other remote regions of the Kyrgyz Republic.?
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