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Bishkek, Kyrgyz Republic, November 3, 2009—
IFC, a member of the World Bank Group, will provide a $10 million loan to ATFBank-Kyrgyzstan, a leading financial institution in the Kyrgyz Republic, to support the bank’s lending to small and medium enterprises (SMEs) in the country.
IFC’s medium-term loan will help increase the availability of banking services and financial products for Kyrgyz small and medium enterprises at a time of limited funding opportunities in the country and the current challenging global economic environment. The investment also will help the bank diversify, increase the volume of funding and better manage its asset and liability position.
Alexander von Gleich, Chairman of ATFBank-Kyrgyzstan Board of Directors, said, “Since its establishment, our bank has achieved excellent results in building a strong credit portfolio which is the largest among Kyrgyz banks. With this loan from IFC, we will be able to further support the Kyrgyz private sector, especially the SMEs.”
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “IFC is pleased to establish this partnership with ATFBank-Kyrgyzstan to boost access to finance, which is the foundation for private sector growth and jobs creation in the country. This transaction reflects IFC’s regional initiatives to support financial institutions under difficult conditions in international financial markets.”
The Kyrgyz Republic joined IFC in 1993. IFC commitments to the country have reached nearly $90 million, including investments and other advisory services with a focus on business environment, financial infrastructure and corporate governance.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About ATFBank-Kyrgyzstan
ATFBank-Kyrgyzstan is one of the top five commercial banks in the Kyrgyz banking sector in terms of asset size, capital, and profit. With the largest loan portfolio among Kyrgyz banks, ATFBank-Kyrgyzstan has 13 branches throughout the Kyrgyz Republic. For more information, visit
www.atfbank.kg
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