Bishkek, Kyrgyz Republic, July 6, 2017
—The World Bank Group is helping the Kyrgyz Republic undertake a series of reforms to strengthen the country’s financial infrastructure and boost access to finance for borrowers, including small and medium enterprises.
Since 2009, IFC’s advisory services team, part of the World Bank Group’s Finance and Markets Global Practice, has b
een working with the credit bureau CIB Ishenim to help it
operate its business more sustainably. With that support, t
he credit bureau was transformed from a noncommercial to a commercial entity in 2014 and,
earlier this year, obtained its first license from the National Bank of the Kyrgyz Republic, the country’s central bank.
Earlier this month,
CIB Ishenim
also signed an agreement with Creditinfo Solutions, a leading service provider for credit information and risk management solutions worldwide, allowing it to become a shareholder in CIB Ishenim.
“The investment agreement between CIB Ishenim and Creditinfo Solutions will help take our credit reporting system to the next level,” said Tolkunbek Abdygulov, Chairman of the National Bank of the Kyrgyz Republic. “It will help CIB Ishenim better
cater to the information requirements of commercial lenders
,
improving their efficiency and
contributing to a more modern and stable financial market in the country
.”
IFC has also helped the central bank develop the legal and regulatory frameworks necessary to underpin a strong credit reporting system. This resulted in the adoption of a new law on credit histories in 2015 and the passing of a number of important amendments to existing legislation over the past several years.
“Access to finance is one of the main obstacles to doing business in the Kyrgyz Republic,” said Moazzam Mekan, IFC regional Manager for Central Asia. “Allowing individuals and companies to build positive credit histories, and creating a well-functioning credit-reporting system helps open doors for smaller businesses, enabling them to access credit to grow, create jobs and benefit the overall economy.”
The IFC Azerbaijan-Central Asia Financial Markets Infrastructure Project is funded by the government of Switzerland.
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
www.worldbank.org
,
www.miga.org
, and
www.ifc.org
.
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