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Bishkek, Kyrgyz Republic, October 16, 2012
—With financial support from the government of Switzerland, IFC, a member of the World Bank Group, is launching a project to advise poor people in the Kyrgyz Republic on how to renovate their housing, and how to obtain funding for the necessary materials to improve their quality of life.
The Housing Microfinance Advisory Services Project will work with several financial institutions to help them enable low-income Kyrgyz households to obtain funds to make their own home improvements. Moreover, the project will develop and introduce a set of tools to help lenders provide a range of housing microfinance services.
“As part of its support to the private sector in the Kyrgyz Republic, Switzerland wants to enhance housing lending in the country,” said Remy Duiven, Deputy Director of the Swiss Cooperation Office in the Kyrgyz Republic. “This project will provide advice to low-income citizens on how to improve their accommodation and get access to finance.”
"Most low-income Kyrgyz families cannot afford new homes, and instead conduct renovations in their existing residences, needing to borrow funds to purchase construction materials and pay for qualified labor,” said Victor Mints, IFC Project Manager. “IFC will help microfinance organizations to launch a housing microfinance product that serves the demand for home improvement loans.”
The Kyrgyz Republic became a member of IFC in 1993. Since 1996, IFC has invested more than $100 million to support over 20 private sector projects across a variety of sectors. As of June 30, 2012, IFC’s portfolio in the Kyrgyz Republic stands at $39 million, with investments in financial markets, mining, agribusiness, and manufacturing sectors.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Swiss Support to the Kyrgyz Republic
The Swiss Cooperation Office provides development assistance to Kyrgyzstan and coordinates projects in such areas as health, private sector development, public sector reforms and infrastructure. Since 1994 Switzerland has provided around CHF 250 million to the Kyrgyz Republic in the form of technical, financial and humanitarian support. For more information, please visit
www.swisscoop.kg
.
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