Despite the political unrest and ethnic violence in Kyrgyzstan earlier this year, the Association of Microfinance Institutions (AMFI) of Kyrgyzstan, a network of 19 microfinance institutions (MFIs) launched in 2005, reports that the Kyrgyz microfinance sector continues to steadily grow. AMFI reports that there are 323,000 active borrowers as of August 2010, increasing the loan portfolio to USD 181 million.
Support from investors such as the European Bank for Reconstruction and Development (EBRD), an international finance institution headquartered in London, and Oikocredit, a Dutch cooperative investment fund, has also stayed strong. EBRD loaned KGS 67.5 million (USD 1.5 million) to Bai Tushum and Partners, an MFI in Kyrgyzstan, in March 2010 [2], while Oikicredit loaned KGS 96.2 million (USD 1.5 million) to the First MicroCredit Company (FMCC), a microfinance bank based in Kyrgyzstan, in August 2010 [3].
About Association of Microfinance Institutions (AMFI) of Kyrgyzstan: The Association of Microfinance Institutions (AMFI) of Kyrgyzstan is a network of 19 microfinance institutions (MFIs) launched in December 2005 that aims to create a supportive and informative environment for MFIs in Kyrgyzstan.
By Diana Baide, Research Assistant
Sources and Additional Sources
[1] 24.kg. “Microfinance sector continues to grow athwart tragic developments in Kyrgyzstan” by Irina Dudka, 21 September 2010
http://eng.24.kg/business/2010/09/21/13693.html
[2] MicroCapital. “European Bank for Reconstruction and Development (EBRD) Provides $1.5m Loan to Bai-Tushum to Support Micro- and Small Enterprises in Kyrgyz Republic” by Conner Branner, 4 August 2010
[3] MicroCapital. “Oikocredit Invests Equivalent of $3.95m in IMON International of Tajikistan, The First Microcredit Company of Kyrgyzstan and Credit Union ABN of Kyrgyzstan” by Lindsey Shaughnessy, 23 August 2010
New York Times. “Ethnic Rioting Ravages Kyrgyzstan” by Michael Schwartz, 13 June 2010
http://www.nytimes.com/2010/06/14/world/asia/14kyrgyz.html
MicroCapital’s Microfinance Universe profile: Association of Microfinance Institutions of Kyrgyzstan
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