The European Bank for Reconstruction and Development (EBRD) has announced a USD 1mm loan it will provide to Frontiers LLC, the wholesale microlending company based in Bishek, Kyrgyzstan. The loan will be accompanied by USD 100,000 of technical cooperation intended to support the institutional development of Frontiers, which was established in 2003 by US non-profit organisation ACDI/VOCA with USD 3mm of start-up capital. At the year end 2006 Frontiers reported total fund assets of USD 4,424,952 to MIX Market, the microfinance information clearinghouse, and 30 active microfinance investments. Frontiers provides financing to non-banking financial institutions in Central Asia to lend to micro-entrepreneurs. Rob Fries, chairman of the board of directors for Frontiers, thinks the support from EBRD will help Frontiers in its role in the “development of the financial sector in Central Asia.”
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