The multilateral European Bank for Reconstruction and Development (EBRD) recently lent the local-currency equivalent of USD 7 million to Kyrgyz Investment and Credit Bank (KICB) to finance micro-, small and medium-sized enterprises (MSMEs) in Kyrgyzstan. The loan is part of EBRD’s Financial Intermediary Framework, which is intended to increase access to finance for MSMEs by providing financial institutions with funding and technical assistance for this purpose.
KICB, established in 2001, is a commercial bank serving companies of all sizes as well as individuals. It has 20 branches and 25 sub-branches across Kyrgyzstan. As of September 2022, it reported total assets of KGS 41 billion (USD 500 million), customer deposits of KGS 26 billion (USD 324 million), active loans of KGS 13 billion (USD 161 million) and nine-month profit of KGS 1.1 billion (USD 12 million).
Founded in 1991, UK-based EBRD seeks to support a “transition to open, market economies, whilst fostering sustainable and inclusive growth” in 38 countries in Central Asia, Eastern Europe and North Africa. It does this by providing business advice, supporting trade finance, and investing debt and equity in funders of MSMEs. EBRD is owned by 71 countries plus the EU and the European Investment Bank. As of 2022, the institution holds total assets of EUR 75 billion (USD 80 billion), including loan receivables valued at EUR 29 billion (USD 31 billion).
By Vaughn Rajah, Research Associate
Sources and Additional Resources
EBRD project summary
https://www.ebrd.com/work-with-us/projects/psd/53665.html
KICB homepage
https://www.kicb.net
KICB financials
https://en.kicb.net/about/fin-stat
EBRD Financial Intermediary Framework
https://www.ebrd.com/work-with-us/projects/psd/small-business-initiative-financial-intermediaries-framework.html
EBRD history
https://www.ebrd.com/who-we-are/history-of-the-ebrd.html
EBRD shareholders
https://www.ebrd.com/shareholders-and-board-of-governors.html
EBRD annual report
https://www.ebrd.com/news/publications/annual-report/annual-review-2021.html
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