January 15, 2015, Bishkek, Kyrgyz Republic
—The World Bank Group is helping the Kyrgyz Republic create an investment-friendly business climate as part of a broader effort to encourage economic growth in the country.
Today in Bishkek, IFC, a member of the World Bank Group, and the Ministry of Economy are hosting a roundtable to examine the current investment incentive regime and develop recommendations to improve it, including the creation of new incentives.
IFC also presented the results of its research into forming a comprehensive inventory of incentives, including data on the types of incentives offered, as well as their values, eligibility criteria, source, discretion, and other relevant information. The incentives inventory would serve as a key diagnostic tool to pinpoint areas for deeper analysis and potential reform activities.
“The government realizes that it needs to create a favorable environment that includes guarantees for investors, thus we intend to make considered decisions and apply best practices in this field,” Kylych Djakypov, Deputy Minister of Economy of the Kyrgyz Republic, said.
“Effective incentive policy suggests that governments take an approach that balances effective fiscal policy to raise revenues for public goods while not compromising a country’s attractiveness as a destination for investment or job creation,” said Serhiy Osavoluk, IFC Project Manager.
The initiative is part of the World Bank Group’s efforts to improve the investment climate in Central Asia by facilitating investments and reducing compliance costs for businesses. The Central Asia Investment Climate Program is a part of the World Bank Group Global Practice on Trade and Competitiveness. The Practice’s focus is on driving economic growth and job creation by strengthening competitiveness, increasing trade, promoting investment, fostering innovation, and promoting entrepreneurship, in partnership with policymakers and the private sector.
The program has been implemented in partnership with the government of Switzerland and the United Kingdom’s Department for International Development.
About the World Bank Group
The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit.
To learn more about the UK’s Department for International Development
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